SCHEDULES
SCHEDULE 5 Pension credits: mode of discharge
Disqualification as destination for pension credit
I17
1
If a pension credit derives from a pension arrangement which is F1a registered pension scheme under section 153 of the Finance Act 2004, an arrangement is disqualified as a destination for the credit unless—
a
it is also F2registered for those purposes, or
b
it satisfies such requirements as the Secretary of State may prescribe by regulations.
F32
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3
An occupational pension scheme is disqualified as a destination for a pension credit unless the rights to be acquired under the arrangement by the person entitled to the credit are rights whose value, when calculated in accordance with regulations made by the Secretary of State, equals the credit.
4
An annuity contract or insurance policy is disqualified as a destination for a pension credit in such circumstances as the Secretary of State may prescribe by regulations.
5
The requirements which may be prescribed under sub-paragraph (1)(b) include, in particular, requirements of the Inland Revenue.
F36
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