136. (1) A pension credit member’s safeguarded rights for the purposes of the Scheme and of the Pension Schemes (Northern Ireland) Act 1993 and regulations made under that Act are such of his rights falling within section 64A(1)(1) of that Act as represent the safeguarded percentage of the rights acquired by him in the Scheme by virtue of the pension credit.
(2) The “safeguarded percentage” is the percentage of the shareable rights by reference to which the amount of the pension credit is determined which are contracted-out rights.
(3) “Contracted-out rights” has the meaning given in section 64A(5) of the Pension Schemes (Northern Ireland) Act 1993.
Section 64A was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999