PART KCONTRACTING OUT AND GUARANTEED MINIMUM PENSIONS

Late retirementK3

If a member’s pension is postponed for more than 7 weeks after guaranteed minimum pension age, or is reduced or suspended after it becomes payable, the member’s guaranteed minimum pension as increased under section 109 of the 1993 Act (annual increases of guaranteed minimum pensions) will be increased by 1/7th per cent for each complete 7 days of postponement.