Paragraph 6 Amendment of Part 6 (pension sharing on divorce)

(1)

Part 6 is amended as follows.

(2)

In rule 1 (pension credit member’s entitlement to pension) in paragraph (1)(a) after “sixty five”, insert “or the age of sixty where the pension debit member is a special member.”

(3)

In rule 3 (commutation of part of pension credit benefits)—

(a)

in paragraph (7), for “When a person’s notice” substitute “Subject to paragraphs (7A) to (7C), when a person’s notice”;

(b)

after paragraph (7) insert—

“(7A)
Where the pension debit member in relation to the pension to be commuted under paragraph (1) is a special member, the lump sum must be calculated under paragraphs (7B) and (7C) and sub-paragraph (b) of paragraph (7) does not apply.

(7B)
Subject to paragraph (7C), the lump sum must be calculated by multiplying the amount of the person’s pension represented by the commuted portion at the time when the pension becomes payable under rule 1 by the factor specified in the table in Annex ZA by reference to the person’s age at that time.

(7C)
The lump sum payable under paragraph (7B) must be reduced to the extent necessary to prevent the payment of it resulting in a scheme chargeable payment.”