Home / Pensions / Members and benefits / Pension benefits

Legal News

Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022—key aspects and implications

Copyright © 2025 LexisNexis

Published on: 16 June 2022

Published by a LexisNexis Pensions expert

Table of contents

What is the background to PS(CGMP)A 2022?
What are the key provisions of PS(CGMP)A 2022?
Are there any remaining issues left to be resolved following passage of PS(CGMP)A 2022? What happens next?
What are the implications for pension schemes? What actions should they be taking?

Article summary

Pensions analysis: The Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (PS(CGMP)A 2022) received Royal Assent on 28 April 2022, having started life as a Private Members’ Bill, introduced by Margaret Ferrier MP. Unusually for a Private Members Bill, it passed through the various parliamentary stages unopposed, with no substantive amendments, and crucially received early government support. PS(CGMP)A 2022 is short, containing only three sections. It makes several tidying up amendments to the guaranteed minimum pension (GMP) conversion legislation introduced in the Pension Schemes Act 1993 (PSA 1993) on 6 April 2009. Catrin Young, practice development lawyer at Burges Salmon LLP, considers the provisions of PS(CGMP)A 2022 and its implications.

Popular documents

Section 32 buy-out policies

Section 32 buy-out policiesWhat is a section 32 buy-out policy?A term which may be often heard within the pensions arena is that of the ‘section 32 buy-out policy’—also sometimes referred to as a section 32 policy or pension buy-out bond. It is a type of buy-out policy whose name derives from the

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an