Rules

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SECTION 4: AGE RETIREMENT BENEFITS
Guaranteed minimum pension
4.14	Notwithstanding anything to the contrary in this Scheme, if any employment of persons to whom this Scheme applies becomes contracted-out employment by reference to this Scheme and if a member has a guaranteed minimum under Section 35 of the Social Security Pensions Act 1975, as amended:
	(i)	he will, subject to this Rule, be paid for life a pension upon his attaining the age of 65 in the case of a man or 60 in the case of a woman unless –
		(a)	the member’s accrued rights thereto are transferred from this scheme in accordance with regulations made under Section 38 (1) of that Act, as amended or have been extinguished by payment of the appropriate state scheme premium under that Act, or
		(b)	his pension is forfeited under Rule 10.04(3)(a), or under Rule 10.04(3) as a result of a conviction for treason, or
		(c)	his pension is suspended or reduced under Rule 4.03;
		(d)	he continues in employment after his retiring age without having been awarded a pension under Rule 4.03;
	(ii)	the weekly rate of such a pension will be not less than that guaranteed minimum. (For the purposes of this Rule "weekly rate" will have the meaning ascribed to it in Regulation 28 (2) of the Occupational Pension Schemes (Contracting-Out ) Regulations 1984 (SI 1984 No. 380.)
	A pension paid to a member under this Rule will be limited to the amount by which his guaranteed minimum exceeds the aggregate pension paid to him as a member of this Scheme under the other provisions of this Scheme. If a member to whom this Rule applies is in employment after the age of 65 in the case of a man or 60 in the case of a woman his consent will be required for any postponement of his guaranteed minimum pension by virtue of employment to which the Scheme does not relate and for any postponement of his guaranteed minimum pension after the expiration of 5 years from the date on which he attains the age of 65 in the case of a man or 60 in the case of a woman. When the commencement of his guaranteed minimum pension is postponed for any period, the member’s guaranteed minimum will be increased to the extent (if any) specified in Section 35 (6) of that Act.

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