Pension credit | Practical Law
Pension credit
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Pension credit
Practical Law UK Glossary 2-205-8984
(Approx. 3 pages)
Glossary
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
or a
personal pension scheme
under a
pension-sharing order
. 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
. See also
pension debit
.