SCHEDULE 6 Effect of State Scheme Pension Debits and Credits
Welfare Reform and Pensions Act 1999 (1999 c 30) | Legislation

SCHEDULE 6 Effect of State Scheme Pension Debits and Credits

Section 50

1

The Contributions and Benefits Act is amended as follows.

2

After section 45A there is inserted—

“45B Reduction of additional pension in Category A retirement pension: pension sharing

(1)     The weekly rate of the additional pension in a Category A retirement pension shall be reduced as follows in any case where—

(a)     the pensioner has become subject to a state scheme pension debit, and

(b)     the debit is to any extent referable to the additional pension.

(2)     If the pensioner became subject to the debit in or after the final relevant year, the weekly rate of the additional pension shall be reduced by the appropriate weekly amount.

(3)     If the pensioner became subject to the debit before the final relevant year, the weekly rate of the additional pension shall be reduced by the appropriate weekly amount multiplied by the relevant revaluation percentage.

(4)     The appropriate weekly amount for the purposes of subsections (2) and (3) above is the weekly rate, expressed in terms of the valuation day, at which the cash equivalent, on that day, of the pension mentioned in subsection (5)

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