pension-sharing order

pension-sharing order
Introduced by the Welfare Reform and Pensions Act 1999, pension-sharing orders apply to occupational pension schemes and personal pension schemes. The member's pension rights are valued as a cash equivalent, and part of their value is used for the benefit of the member's ex-spouse. When implemented, the ex-spouse benefits from a pension credit, and the member's rights are reduced by a pension debit. Pension-sharing came into effect on 1 December 2000. Since December 2005, the provisions also apply to a civil partner on the dissolution of a civil partnership.
Related links
multi-employer scheme (multi-employer pension schemes)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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