- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)A person subject to liability in respect of a pension credit shall discharge his liability before the end of the implementation period for the credit.
(2)Where the trustees or managers of an occupational pension scheme have not done what is required to discharge their liability in respect of a pension credit before the end of the implementation period for the credit—
(a)they shall, except in such cases as the Secretary of State may prescribe by regulations, notify the Regulatory Authority of that fact within such period as the Secretary of State may so prescribe, and
(b)section 10 of the [1995 c. 26.] Pensions Act 1995 (power of the Regulatory Authority to impose civil penalties) shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that liability in respect of the credit was discharged before the end of the implementation period for it.
(3)If trustees or managers to whom subsection (2)(a) applies fail to perform the obligation imposed by that provision, section 10 of the [1995 c. 26.] Pensions Act 1995 shall apply to any trustee or manager who has failed to take all reasonable steps to ensure that the obligation was performed.
(4)On the application of the trustees or managers of an occupational pension scheme who are subject to liability in respect of a pension credit, the Regulatory Authority may extend the implementation period for the credit for the purposes of this section if it is satisfied that the application is made in such circumstances as the Secretary of State may prescribe by regulations.
(5)In this section “the Regulatory Authority” means the Occupational Pensions Regulatory Authority.
(1)For the purposes of this Chapter, the implementation period for a pension credit is the period of 4 months beginning with the later of—
(a)the day on which the relevant order or provision takes effect, and
(b)the first day on which the person responsible for the pension arrangement to which the relevant order or provision relates is in receipt of—
(i)the relevant matrimonial documents, and
(ii)such information relating to the transferor and transferee as the Secretary of State may prescribe by regulations.
(2)The reference in subsection (1)(b)(i) to the relevant matrimonial documents is to copies of—
(a)the relevant order or provision, and
(b)the order, decree or declarator responsible for the divorce or annulment to which it relates,
and, if the pension credit depends on provision falling within subsection (1)(f) of section 28, to documentary evidence that the agreement containing the provision is one to which subsection (3)(a) of that section applies.
(3)Subsection (1) is subject to any provision made by regulations under section 41(2)(a).
(4)The Secretary of State may by regulations—
(a)make provision requiring a person subject to liability in respect of a pension credit to notify the transferor and transferee of the day on which the implementation period for the credit begins;
(b)provide for this section to have effect with modifications where the pension arrangement to which the relevant order or provision relates is being wound up;
(c)provide for this section to have effect with modifications where the pension credit depends on a pension sharing order and the order is the subject of an application for leave to appeal out of time.
(5)In this section—
“relevant order or provision”, in relation to a pension credit, means the pension sharing order or provision on which the pension credit depends;
“transferor” means the person to whose rights the relevant order or provision relates;
“transferee” means the person for whose benefit the relevant order or provision is made.
(1)Schedule 5 (which makes provision about how liability in respect of a pension credit may be discharged) shall have effect.
(2)Where the person entitled to a pension credit dies before liability in respect of the credit has been discharged—
(a)Schedule 5 shall cease to have effect in relation to the discharge of liability in respect of the credit, and
(b)liability in respect of the credit shall be discharged in accordance with regulations made by the Secretary of State.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: