Section 56Part 8 — Locking In
Exemption from execution, seizure or attachment
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Money payable under a pension plan is exempt from execution, seizure or attachment or any other process that is taken by a creditor.
Money transferred from a prescribed fund to a prescribed pension entitlement savings arrangement or for the purchase of a life annuity under this Act is exempt from execution, seizure or attachment or any other process that is taken by a creditor.
Money payable from a prescribed pension entitlement savings arrangement or a life annuity is exempt from execution, seizure, attachment or any other process that is taken by a creditor.
Subsections (1), (2) and (3) do not apply, subject to section 43, to prevent execution, seizure or attachment in satisfaction of a court order made upon a dissolution of a civil partnership, divorce or separation for maintenance or other payments respecting dissolution of a civil partnership, divorce or separation.
Subsection (4) applies to orders whether made before or after the 1st June, 1998.
Cross References
- Section 43 of National Pensions Act
reference to section 43