Pension credit

Introduced by the Welfare Reform and Pensions Act 1999, a pension credit is the amount used for the benefit of the ex-spouse of a member of an occupational pension scheme ( www.practicallaw.com/8-107-6900) or a personal pension scheme ( www.practicallaw.com/4-107-7001) under a pension-sharing order ( www.practicallaw.com/4-205-8983) . The scheme may either use the pension credit to provide benefits for the ex-spouse in the scheme, or pay it as a transfer payment to another registered pension scheme ( www.practicallaw.com/5-201-6474) . See also pension debit ( www.practicallaw.com/5-205-8987) .

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