SCHEDULES

SCHEDULE 11Pension sharing: amendments

Welfare Reform and Pensions Act 1999 (c. 30)

I110

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).