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.