C2C3C5Part IV Pension sharing

Annotations:
Modifications etc. (not altering text)
C3

Pts. I-IV: power to modify conferred (6.4.2006) by Pensions Act 2004 (c. 35), ss. 321(1)(d), 322(1); S.I. 2006/560, art. 2(3), Sch. Pt. 3

C5

Pts. I-IV: power to modify conferred (26.11.2008) by Pensions Act 2008 (c. 30), ss. 146(2)(c), 149(2)

C1C4Chapter I Sharing of rights under pension arrangements

Annotations:
Modifications etc. (not altering text)
C1

Pt. IV Ch. I power to apply (with modifications) conferred (1.1.2006) by Pensions Act 2004 (c. 35), ss. 220(2), 322(1) (with s. 313); S.I. 2005/3331, art. 2(3), Sch. Pt. 3

Treatment of pension credit rights under schemes

I138 Treatment in winding up.

F11

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

In the case of an occupational pension scheme which is not a scheme to which F2this section applies, rights attributable (directly or indirectly) to a pension credit are to be accorded in a winding up the same treatment—

a

if they have come into payment, as the rights of a pensioner member, and

b

if they have not come into payment, as the rights of a deferred member.

F32A

This section applies to an occupational pension scheme other than—

a

a money purchase scheme, or

b

a prescribed scheme or a scheme of a prescribed description.

3

Subsection (2) overrides the provisions of a scheme to the extent that it conflicts with them, and the scheme has effect with such modifications as may be required in consequence.

4

In subsection (2)—

a

“deferred member” and “pensioner member” have the same meanings as in Part I of the Pensions Act 1995,

b

“pension credit” includes a credit under Northern Ireland legislation corresponding to section 29(1)(b), and

c

references to rights attributable to a pension credit having come into payment are to the person to whom the rights belong having become entitled by virtue of the rights to the present payment of pension or other benefits.