Annual allowance
This section has no associated Explanatory Memorandum
15.—(1) If a member gives the Committee notice of joint and several liability under section 237B(1) of the Finance Act 2004 (liability of scheme administrator) in respect of the member’s annual allowance charge after 1st April 2015, the Committee may adjust the member’s benefits accrued within the earlier Schemes in accordance with actuarial guidance issued by the Department.
(2) In this regulation “annual allowance charge” has the meaning given to that expression by section 227(2) of the Finance Act 2004.
(1)
2004 c.12; section 237B was inserted by the Finance Act 2011 (c.11).
(2)
2004 c.12; section 227 has been amended by the Finance Act 2009 (c.10) and the Finance Act 2011.