F1PART IIIASAFEGUARDED RIGHTS
64A Safeguarded rights.
1
Subject to subsection (2), the safeguarded rights of a member of an occupational pension scheme or a personal pension scheme are such of his rights to future benefits under the scheme as are attributable (directly or indirectly) to a pension credit in respect of which the reference rights are, or include, contracted-out rights or safeguarded rights.
2
If the rules of an occupational pension scheme or a personal pension scheme so provide, a member’s safeguarded rights are such of his rights falling within subsection (1) as—
a
in the case of rights directly attributable to a pension credit, represent the safeguarded percentage of the rights acquired by virtue of the credit, and
b
in the case of rights directly attributable to a transfer payment, represent the safeguarded percentage of the rights acquired by virtue of the payment.
3
For the purposes of subsection (2)(a), the safeguarded percentage is the percentage of the rights by reference to which the amount of the credit is determined which are contracted-out rights or safeguarded rights.
4
For the purposes of subsection (2)(b), the safeguarded percentage is the percentage of the rights in respect of which the transfer payment is made which are contracted-out rights or safeguarded rights.
5
In this section—
“contracted-out rights” means such rights under, or derived from—
- a
an occupational pension scheme contracted-out by virtue of section 5(2) or (3), or
- b
an appropriate personal pension scheme, as may be prescribed;
- a
“reference rights”, in relation to a pension credit, means the rights by reference to which the amount of the credit is determined.
Pt. IIIA (ss. 64A-64D) inserted (1.12.1999 for certain purposes and otherwise 1.12.2000) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 33; S.R. 2000/133, art. 2(3), Sch. Pt. IV