Commentary on provisions of Act Section 1: Conversion of Guaranteed Minimum Pensions
Subsections (1) to (9) of this section amend the provisions of the Pension Schemes Act 1993 which allow pension schemes to convert GMP benefits into other scheme benefits.
	Subsection (2) amends the definition of "GMP conversion" to clarify that it applies to the conversion of GMP benefits due to either (i) the earner who was alive immediately before the conversion date or (ii) a person who, immediately before the conversion date, was the widow, widower or surviving civil partner of the earner. The amendments in subsection 3(b) and (d) are consequential on this amendment.
	Subsection (3)(a) ensures that any money purchase benefits accrued as a part of the pension benefits are not included in the actuarial calculation to convert GMP benefits into other benefits.
	Subsections 3(c) and (4) remove the detailed requirements in section 24D of the Pension Schemes Act 1993 regarding survivors’ benefits that must be provided by a converted scheme and instead provide a power to prescribe in regulations the conditions which must be met in relation to survivors’ benefits that must be provided by a converted scheme.
	Subsection (5) amends section 24E of the Pension Schemes Act 1993. Section 24E requires that the consent of the employer in relation to a scheme must be obtained before the scheme can undertake the GMP conversion process. The amendment replaces this requirement with a power to prescribe in regulations conditions that must be met by a person, if any, who must consent before conversion can take place. Subsection (5) also removes the requirement in section 24E for HMRC to be notified of a conversion.
	The amendments in subsections (6) to (9) and (11) and (12) are consequential on the amendments referred to above.
	Subsection (10) amends section 14 of the Pensions Act 2007 (conversion of GMPs) in consequence of the amendments referred to above.