SCHEDULES

SCHEDULE 10Pension schemes etc.

Assignment

I137

1

Section 172 (assignment of benefit to which member has actual or prospective entitlement to constitute unauthorised payment) is amended as follows.

2

In subsection (1) (members), for the words after “agrees to assign” substitute—

a

any benefit, other than an excluded pension, to which the member (or any dependant of the member) has an actual or prospective entitlement under the pension scheme, or

b

any right in respect of any sums or assets held for the purposes of any arrangement under the pension scheme.

3

In subsection (3) (other persons), for the words after “agrees to assign” substitute—

a

any benefit, other than an excluded pension, to which the person has an actual or prospective entitlement under the pension scheme in respect of a member of the pension scheme, or

b

any right in respect of any sums or assets held for the purposes of any arrangement relating to the member under the pension scheme.

4

In subsection (5)(b) (amount of unauthorised payment), insert at the end “ and any power to reduce the entitlement to the benefit or right did not exist. ”

5

In subsection (6) (payments of benefits assigned not unauthorised payments), after “benefit” insert “ or right ”.

6

For subsection (7) substitute—

7

An excluded pension is so much of any pension which under pension rule 2 may continue to be paid after the member's death as may be so paid.