Welfare Reform and Pensions Act 1999
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Change 1
49 Creation of state scheme pension debits and credits.
(A1) This section applies if— (a) the transferor is in the old state pension system, or (b) the transferor is in the new state pension system but the transfer day was before 6 April 2016. (1) Where this section applies because of a relevant order or provision— (a) the transferor is subject, for the purposes of the relevant state pension legislation, to a debit of the appropriate amount, and (b) the transferee is entitled, for the purposes of the relevant state pension legislation, to a credit of that amount. (2) Where the relevant order or provision specifies a percentage value to be transferred, the appropriate amount for the purposes of subsection (1) is the specified percentage of the cash equivalent on the transfer day of the transferor’s shareable old state scheme rights immediately before that day. (3) Where the relevant order or provision specifies an amount to be transferred, the appropriate amount for the purposes of subsection (1) is the lesser of— (a) the specified amount, and (b) the cash equivalent on the transfer day of the transferor’s shareable old state scheme rights immediately before that day. (4) The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section. (4A) The power conferred by subsection (4) above includes power to provide— (a) for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and (b) for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations. (5) In determining prospective entitlement to a Category A retirement pension for the purposes of this section, only tax years before that in which the transfer day falls shall be taken into account. (5A) The fact that a person who reaches pensionable age on or after 6 April 2016 is not entitled to a pension of the kind mentioned in section 47(2)(a) or (b) does not affect the calculation under this section of the appropriate amount by reference to the transferor's prospective entitlement, immediately before the transfer day, to a pension of that kind. (6) In this section— “relevant order or provision” means the order or provision by virtue of which this section applies; “the relevant state pension legislation”— in relation to a transferor or transferee in the old state pension system, means Part 2 of the Contributions and Benefits Act, and in relation to a transferor or transferee in the new state pension system, means Part 1 of the Pensions Act 2014. “transfer day” means the day on which the relevant order or provision takes effect; “transferor” means the person to whose rights the relevant order or provision relates; “transferee” means the person for whose benefit the relevant order or provision is made.
49 Creation of state scheme pension debits and credits.
(A1) This section applies if— (a) the transferor is in the old state pension system, or (b) the transferor is in the new state pension system but the transfer day was before 6 April 2016. (1) Where this section applies because of a relevant order or provision— (a) the transferor is subject, for the purposes of the relevant state pension legislation, to a debit of the appropriate amount, and (b) the transferee is entitled, for the purposes of the relevant state pension legislation, to a credit of that amount. (2) Where the relevant order or provision specifies a percentage value to be transferred, the appropriate amount for the purposes of subsection (1) is the specified percentage of the cash equivalent on the transfer day of the transferor’s shareable old state scheme rights immediately before that day. (3) Where the relevant order or provision specifies an amount to be transferred, the appropriate amount for the purposes of subsection (1) is the lesser of— (a) the specified amount, and (b) the cash equivalent on the transfer day of the transferor’s shareable old state scheme rights immediately before that day. (4) The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section. (4A) The power conferred by subsection (4) above includes power to provide— (a) for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and (b) for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations. (5) In determining prospective entitlement to a Category A retirement pension for the purposes of this section, only tax years before that in which the transfer day falls shall be taken into account. (5A) The fact that a person who reaches pensionable age on or after 6 April 2016 is not entitled to a pension of the kind mentioned in section 47(2)(a) or (b) does not affect the calculation under this section of the appropriate amount by reference to the transferor's prospective entitlement, immediately before the transfer day, to a pension of that kind. (6) In this section— “relevant order or provision” means the order or provision by virtue of which this section applies; “the relevant state pension legislation”— in relation to a transferor or transferee in the old state pension system, means Part 2 of the Contributions and Benefits Act, and in relation to a transferor or transferee in the new state pension system, means Part 1 of the Pensions Act 2014. “transfer day” means the day on which the relevant order or provision takes effect; “transferor” means the person to whose rights the relevant order or provision relates; “transferee” means the person for whose benefit the relevant order or provision is made.
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