# Pensions Act 2014, Paragraph 10


(1) Section 47 (shareable state scheme rights) is amended as follows.
(2) 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.”
(3) In subsection (2)—
(a) after “shareable” insert “ old ”;
(b) in paragraph (b), after “55A” insert “ or 55AA ”.
(4) 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).”

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Source: https://www.legislation.gov.uk/ukpga/2014/19/schedule/11/paragraph/10 (the official version)
Page: https://openlegislation.uk/pensions-act-2014/schedule-11/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.