Paragraph 10 I1

Section 47 (shareable state scheme rights) is amended as follows.

After subsection (1) insert—

“(1A)

For the purposes of this Chapter, a person's shareable state scheme rights are—

(a)

the person's shareable old state scheme rights;

(b)

the person's shareable new state scheme rights.”

In subsection (2)—

After subsection (2) insert—

“(3)

For the purposes of this Chapter, a person's shareable new state scheme rights are the person's entitlement, or prospective entitlement, to the excess amount in a state pension under section 4 of the Pensions Act 2014.

(4)

“The excess amount”, in relation to a state pension under section 4 of the Pensions Act 2014, means any amount by which the rate of the pension exceeds the full rate of the state pension (see section 3 of that Act).

(5)

In determining the rate of a state pension under section 4 of the Pensions Act 2014 for the purposes of this Chapter, ignore Schedule 6 to that Act (reduced rate elections: effect on rate of section 4 pension).”