“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 compensation scheme (that is, specified in the order) are to be subject to pension compensation sharing for the benefit of the other party, and

b

specifies the percentage value or amount to be transferred;

1B

In subsection (1), in the definition of “pension compensation sharing order”, 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.

1C

In this Act—

• “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 and any regulations or order made under it,

  2. b

     Chapter 1 of Part 3 of the Pensions Act 2008 and any regulations or order made under it,

  3. c

     any provision corresponding to the provisions mentioned in paragraph (a) or (b) in force in Northern Ireland.