Social Security Contributions and Benefits (Northern Ireland) Act 1992

Prospective

[F1 55B Reduction of shared additional pension: pension sharing. N.I.

(1) The weekly rate of a shared additional 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 pension.

(2) If the pensioner became subject to the debit in or after the final relevant year, the weekly rate of the 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) below is equal to so much of the debit as is referable to the shared additional pension.

(5) The pension referred to above is a notional pension for the pensioner by virtue of section 55A above which becomes payable on the later of—

(a) his attaining pensionable age, and

(b) the valuation day.

(6) For the purposes of subsection (3) above, the relevant revaluation percentage is the percentage specified, in relation to earnings factors for the tax year in which the pensioner became subject to the debit, by the last order under section 130 of the Administration Act to come into operation before the end of the final relevant year.

(7) Cash equivalents for the purposes of this section shall be calculated in accordance with regulations.

(8) In this section—

• “final relevant year” means the tax year immediately preceding that in which the pensioner attains pensionable age;

• “state scheme pension debit”, means a debit under Article 46(1)(a) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (debit for the purposes of this Part of this Act);

• “valuation day” means the day on which the pensioner became subject to the state scheme pension debit.]

Textual Amendments

F1 Ss. 55A-55C inserted (prosp.) by S.I. 1999/3147 (N.I. 11), arts. 1(2), 47(1), Sch. 6 para. 3