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Welfare Reform and Pensions Act 1999

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Changes over time for: Cross Heading: Disqualification as destination for pension credit

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Status:

Point in time view as at 17/02/2016.

Changes to legislation:

There are currently no known outstanding effects for the Welfare Reform and Pensions Act 1999, Cross Heading: Disqualification as destination for pension credit. Help about Changes to Legislation

Disqualification as destination for pension creditE+W+S

7(1)If a pension credit derives from a pension arrangement which is [F1a registered pension scheme under section 153 of the Finance Act 2004,] an arrangement is disqualified as a destination for the credit unless—E+W+S

(a)it is also [F2registered] for those purposes, or

(b)it satisfies such requirements as the Secretary of State may prescribe by regulations.

F3(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)An occupational pension scheme is disqualified as a destination for a pension credit unless the rights to be acquired under the arrangement by the person entitled to the credit are rights whose value, when calculated in accordance with regulations made by the Secretary of State, equals the credit.

(4)An annuity contract or insurance policy is disqualified as a destination for a pension credit in such circumstances as the Secretary of State may prescribe by regulations.

(5)The requirements which may be prescribed under sub-paragraph (1)(b) include, in particular, requirements of the Inland Revenue.

F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3Sch. 5 para. 7(2) (6) repealed (6.4.2009) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 11 Pt. 2; S.I. 2009/82, art. 2(2)(g)

Commencement Information

I1Sch. 5 para. 7 wholly in force at 1.12.2000; Sch. 5 para. 7 in force for certain purposes at Royal Assent see s. 89(1)(5); Sch. 5 para. 7 in force at 1.12.2000 insofar as not already in force by S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

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