21BPension compensation sharing orders

1

For the purposes of this Act, 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 subsection (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 Act 2008 or under corresponding Northern Ireland legislation;

b

“party” means a party to a marriage;

c

“specified” means specified in the order.

21CPension compensation: interpretation

In this Part—

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

• “the pension compensation provisions” means—

  1. a

     Chapter 3 of Part 2 of the Pensions Act 2004 (pension protection) and any regulations or order made under it,

  2. b

     Chapter 1 of Part 3 of the Pensions Act 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 Northern Ireland.