Pension debit definition

What does Pension debit mean?

The pension sharing provisions in the Welfare Reform and Pensions Act 1999 (WRPA 1999) introduced the ‘pension debit’ and ‘pension credit’. The ‘pension debit’ is the amount by which the value of the original member's pension rights are reduced and the ‘pension credit’ the corresponding amount by which the ex-spouse's or former civil partner's pension rights are increased. Amount of benefit rights given up by a member and allocated to the member's ex-spouse or ex-civil partner when a pension sharing order is made in respect of that member.

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