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SCHEDULES

SCHEDULE 10E+W+SPension sharing: appropriate weekly reduction under section 14

Appropriate weekly reduction for person subject to old state scheme pension debitE+W+S

2(1)This paragraph sets out the appropriate weekly reduction if the person is subject to an old state scheme pension debit.E+W+S

(2)If the person became subject to the old state scheme pension debit in or after the final relevant year, the appropriate weekly reduction is an amount equal to the person's notional rate.

(3)If the person became subject to the old state scheme pension debit before the final relevant year, the appropriate weekly reduction is an amount equal to the person's notional rate multiplied by the appropriate revaluation percentage.

(4)For the purposes of sub-paragraphs (2) and (3), a person's “notional rate” is the weekly rate of a notional pension under section 4 the cash equivalent of which would, on the valuation day, have been equal to the amount of the old state scheme pension debit.

(5)For the purposes of sub-paragraph (4) assume that the notional pension becomes payable on the later of—

(a)the day on which the person reaches pensionable age, and

(b)the valuation day.

(6)The “appropriate revaluation percentage” is the percentage specified, in relation to earnings factors for the tax year in which the person became subject to the old state scheme pension debit, by the last order under section 148 of the Administration Act to come into force before the end of the final relevant year.

(7)In this paragraph—

Commencement Information

I1Sch. 10 para. 2 in force at 6.4.2016, see s. 56(1)(4)