pension credit

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.
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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