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Finance Act 1989

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This is the original version (as it was originally enacted).

Connected schemes

26(1)This paragraph applies—

(a)where the scheme came into existence before 14th March 1989, as regards an employee who became a member of the scheme on or after 1st June 1989;

(b)where the scheme came into existence on or after 14th March 1989, as regards any employee who is a member of the scheme (whenever he became a member).

(2)Where in relation to the employee the scheme is connected with another scheme which is (or other schemes each of which is) an approved scheme, the rules of the scheme shall have effect as mentioned in sub-paragraph (3) below.

(3)The rules of the scheme shall have effect (notwithstanding anything in them to the contrary) as if they prohibited the amount payable by way of pension under the scheme, when aggregated with any amount payable by way of pension under the other scheme or schemes, from exceeding the relevant amount.

(4)For the purposes of sub-paragraph (3) above the relevant amount, in relation to the employee, shall be found by applying the following formula—

Formula - (B multiplied by C) divided 30

(5) For the purposes of this paragraph—

(a)section 590B(7) and (8) of the Taxes Act 1988 shall apply for the purpose of defining B, and

(b)section 590B(9) to (11) of that Act shall apply for the purpose of defining C,

as they apply for the purposes of section 590B of that Act, except that for the purposes of this paragraph B shall not exceed 20.

(6)References in this paragraph to the scheme being connected with another scheme in relation to the employee shall be construed in accordance with section 590A of the Taxes Act 1988.

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