Pensions Act 2008

2 E+W+S After section 21A (pension sharing orders) insert—

“21B Pension compensation sharing orders

(1) For the purposes of this Act, a pension compensation sharing order is an order which—

(a) provides that one party's shareable rights to PPF compensation that derive from rights under a specified pension scheme are to be subject to pension compensation sharing for the benefit of the other party, and

(b) specifies the percentage value to be transferred.

(2) In subsection (1)—

(a) the reference to shareable rights to PPF compensation is to rights in relation to which pension compensation sharing is available under Chapter 1 of Part 3 of the Pensions Act 2008 or under corresponding Northern Ireland legislation;

(b) “party” means a party to a marriage;

(c) “specified” means specified in the order.

21C Pension compensation: interpretation

In this Part—

• “PPF compensation” means compensation payable under the pension compensation provisions;

• “the pension compensation provisions” means—

  (a)

  Chapter 3 of Part 2 of the Pensions Act 2004 (pension protection) and any regulations or order made under it,

  (b)

  Chapter 1 of Part 3 of the Pensions Act 2008 (pension compensation on divorce etc) and any regulations or order made under it, and

  (c)

  any provision corresponding to the provisions mentioned in paragraph (a) or (b) in force in Northern Ireland.”