SCHEDULES

SCHEDULE 5 Pension credits: mode of discharge

General

I111

Liability in respect of a pension credit shall be treated as discharged if the effect of paragraph 8(1) or 9 is to reduce it to zero.

I212

Liability in respect of a pension credit may not be discharged otherwise than in accordance with this Schedule.

I313

Regulations under paragraph 5(b) or 7(3) may provide for calculation of the value of rights in accordance with guidance from time to time prepared by a person specified in the regulations.

F113A

The provisions of this Schedule are subject to—

a

section 73A(3) and (6) of the Pensions Act 1995 (prohibition on new members during winding up of scheme: exception for discharge of pension credit derived from the scheme), and

b

section 133(2) and (8) of the Pensions Act 2004 (prohibition on new members during an assessment period in relation to a scheme: exception for discharge of pension credit derived from the scheme).

I414

In this Schedule—

  • “funded”, in relation to an occupational pension scheme, means that the scheme meets its liabilities out of a fund accumulated for the purpose during the life of the scheme;

  • “public service pension scheme” has the same meaning as in the M1Pension Schemes Act 1993.