Financial Jargon Buster Dictionary
This glossary is provided for information only and is not regulated by the Financial Services Authority.
A B C
D E F
G H I
J K L
M N O
P Q R
S T U
V W X Y Z
Divorce Credits and Debits
During pension sharing, section 29 of the Welfare Reform and Pensions Act 1999 (WRPA 99) makes provisions for the creation of a pension debit against the member's pension rights and for the former spouse to become entitled to a pension credit equal to the amount of the debit.
As a result of a pension sharing order the former spouse will be entitled to a pension credit being equal to that in value to the pension debit against the member's pension rights.
|