SCHEDULE 12 Consequential Amendments | Part Ii | Part II Other Consequential Amendments | Welfare Reform And Pensions Act 1999 C30

Part II Other Consequential Amendments

Welfare Reform and Pensions Act 1999 (1999 c 30) | Legislation

Part II Other Consequential Amendments

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Insolvency Act 1986 (c 45)

The Insolvency Act 1986 is amended as follows.

After section 342C there is inserted—

“342D Recovery of excessive contributions in pension-sharing cases

(1) For the purposes of sections 339, 341 and 342, a pension-sharing transaction shall be taken—

(a) to be a transaction, entered into by the transferor with the transferee, by which the appropriate amount is transferred by the transferor to the transferee; and

(b) to be capable of being a transaction entered into at an undervalue only so far as it is a transfer of so much of the appropriate amount as is recoverable.

(2) For the purposes of sections 340 to 342, a pension-sharing transaction shall be taken—

(a) to be something (namely a transfer of the appropriate amount to the transferee) done by the transferor; and

(b) to be capable of being a preference given to the transferee only so far as it is a transfer of so much of the appropriate amount as is recoverable.

(3) If on an application under section 339 or 340