Interpretation of state pension credit provisions

I116 Retirement pension income

1

In this Act “retirement pension income” means any of the following—

a

a Category A or Category B retirement pension payable under sections 43 to 55 of—

i

the Contributions and Benefits Act; or

ii

the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7);

b

a shared additional pension payable under section 55A of either of those Acts (utilisation of State scheme pension credits on divorce);

c

graduated retirement benefit payable under section 62 of either of those Acts;

d

a Category C or Category D retirement pension payable under section 78 of either of those Acts;

e

age addition payable under section 79 of either of those Acts;

f

income from an occupational pension scheme or a personal pension scheme;

g

income from an overseas arrangement;

h

income from a retirement annuity contract;

i

income from annuities or insurance policies purchased or transferred for the purpose of giving effect to rights under a personal pension scheme or an overseas arrangement;

j

income from annuities purchased or entered into for the purpose of discharging liability under—

i

section 29(1)(b) of the Welfare Reform and Pensions Act 1999 (c. 30) (pension credits on divorce); or

ii

Article 26(1)(b) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)) (corresponding provision for Northern Ireland).

2

The Secretary of State may by regulations amend subsection (1); and any such regulations may—

a

add to or vary the descriptions of income for the time being listed in that subsection; or

b

remove any such description from that subsection.

3

In this section—

  • “overseas arrangement” has the meaning given by section 181(1) of the Pension Schemes Act 1993 (c. 48);

  • “retirement annuity contract” means a contract or scheme approved under Chapter 3 of Part 14 of the Income and Corporation Taxes Act 1988 (c. 1).