Schedule 4: additional pension etc: minor and consequential amendments Part 3: Pension compensation Chapter 1: Pension compensation on divorce etc. Section 111: Creation of pension compensation debits and credits
290.Pension compensation sharing will be initiated by an order of the court specifying a percentage of the compensation rights which are to be “shared” (i.e. transferred). The effect of this section is that the rights to compensation are valued for the purpose of the transfer on “valuation day” – a day during the “implementation period” (seesection 115) chosen by the Board.
291.Subsection (4) provides a regulation-making power to enable any description of benefit to be disregarded for the purposes of the compensation sharing calculation. For example, benefits due to a survivor as a consequence of a previous marriage or civil partnership.