Pension compensation sharing orders23B

1

For the purposes of this Order, a pension compensation sharing order is an order which—

a

provides that one party's shareable rights to PPF compensation that derive from rights under a specified pension scheme are to be subject to pension compensation sharing for the benefit of the other party, and

b

specifies the percentage value to be transferred.

2

In paragraph (1)—

a

the reference to shareable rights to PPF compensation is to rights in relation to which pension compensation sharing is available under Chapter 1 of Part 3 of the Pensions (No. 2) Act (Northern Ireland) 2008 or under Chapter 1 of Part 3 of the Pensions Act 2008;

b

“party” means a party to a marriage;

c

“specified” means specified in the order.

Pension compensation: interpretation23C

In this Part—

• “PPF compensation” means compensation payable under the pension compensation provisions;

• “the pension compensation provisions” means—

  1. a

     Chapter 3 of Part 3 of the Pensions (Northern Ireland) Order 2005 (pension protection) and any regulations or order made under it,

  2. b

     Chapter 1 of Part 3 of the Pensions (No. 2) Act (Northern Ireland) 2008 (pension compensation on divorce etc.) and any regulations or order made under it, and

  3. c

     any provision corresponding to the provisions mentioned in paragraph (a) or (b) in force in Great Britain.