Regulation 85 Pension sharing order activates pension sharing creating pension debits and credits

As made

On the coming into effect of a pension sharing order–

(a)

the transferor’s shareable rights under the Scheme become subject to a debit of the appropriate amount (“pension debit”^f1) as defined in regulation 86 (calculation of “appropriate amount”); and

(b)

the transferee becomes entitled to a credit of that amount (“pension credit”^f2) as against the administering authority.

Annotations

Footnotes

f1: This definition is that in section 29(1)(a) of the 1999 Act and under corresponding Northern Ireland legislation.
f2: This definition is that in section 29(1)(b) of the 1999 Act and under corresponding Northern Ireland legislation.