10(1)Section 47 (shareable state scheme rights) is amended as follows.E+W+S
(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).”
Commencement Information
I1Sch. 11 para. 10 in force at 6.4.2016, see s. 56(1)(4)