Version Superseded: 04/12/2005
Point in time view as at 08/07/2002.
There are currently no known outstanding effects for the Welfare Reform and Pensions Act 1999, Paragraph 8.
8(1)If—E+W+S
(a)a pension credit derives from an occupational pension scheme,
(b)the scheme is one to which section 56 of the M1Pensions Act 1995 (minimum funding requirement for funded salary related schemes) applies,
(c)the scheme is underfunded on the valuation day, and
(d)such circumstances as the Secretary of State may prescribe by regulations apply,
paragraph 1(3) shall have effect in relation to the credit as if the reference to the amount of the credit were to such lesser amount as may be determined in accordance with regulations made by the Secretary of State.
(2)Whether a scheme is underfunded for the purposes of sub-paragraph (1)(c) shall be determined in accordance with regulations made by the Secretary of State.
(3)For the purposes of that provision, the valuation day is the day by reference to which the cash equivalent on which the amount of the pension credit depends falls to be calculated.
Commencement Information
I1Sch. 5 para. 8 wholly in force at 1.12.2000; Sch. 5 para. 8 in force for certain purposes at Royal Assent see s. 89(1)(5); Sch. 5 para. 8 in force at 1.12.2000 insofar as not already in force by S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV
Marginal Citations
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