29 Creation of pension debits and credits
Welfare Reform and Pensions Act 1999 (1999 c 30) | Legislation

29  Creation of pension debits and credits

(1)     On the application of this section—

(a)     the transferor's shareable rights under the relevant arrangement become subject to a debit of the appropriate amount, and

(b)     the transferee becomes entitled to a credit of that amount as against the person responsible for that arrangement.

(2)     Where the relevant order or provision specifies a percentage value to be transferred, the appropriate amount for the purposes of subsection (1) is the specified percentage of the cash equivalent of the relevant benefits on the valuation

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