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The Pension Sharing (Implementation and Discharge of Liability) Regulations 2000

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Changes over time for: Section 6

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Point in time view as at 06/04/2021.

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The Pension Sharing (Implementation and Discharge of Liability) Regulations 2000, Section 6 is up to date with all changes known to be in force on or before 23 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Discharge of liability in respect of a pension credit following the death of the person entitled to the pension creditE+W+S

[F16.(1) The person responsible for the pension arrangement shall following the death of the person entitled to the pension credit discharge his liability in respect of a pension credit in accordance with this regulation.

(2)  Where the rules or provisions of a pension arrangement so provide and provided that any requirements of the Inland Revenue under [F2Part 4 of the Finance Act 2004 (pension schemes etc )] are satisfied, the person responsible for the pension arrangement shall discharge his liability in respect of a pension credit by undertaking to—

(a)make—

(i)a payment of a lump sum; or

(ii)payments of a pension; or

(iii)payments of both a lump sum and a pension,

to one or more persons; or

(b)enter into an annuity contract or take out a policy of insurance with an insurance company for the benefit of one or more persons; or

(c)make a payment or, as the case may be, payments under sub-paragraph (a) and enter into an annuity contract or take out an insurance policy under sub-paragraph (b).

(3) Where paragraph (2)(b) or (c) applies, the annuity contract entered into or insurance policy taken out must satisfy the requirements of paragraph 6(2) of Schedule 5 to the 1999 Act (qualifying arrangements) and regulation 11 of these Regulations.

(4) Where the provisions of paragraph (2) do not apply, liability in respect of a pension credit shall be discharged by retaining the value of the pension credit in the pension arrangement from which that pension credit was derived.

(5) Where—

(a)liability in respect of a pension credit has been discharged in accordance with paragraph (2); and

(b)the value of the payment or payments made, the annuity contract entered into or the insurance policy taken out, as the case may be, is less than the value of the pension credit,

the value of an amount equal to the difference between the value of the pension credit and the value of that payment or those payments, that contract or policy, as the case may be, shall be retained in the pension arrangement from which that pension credit was derived.]

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