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SCHEDULES

SCHEDULE 28Registered pension schemes: authorised pensions—supplementary

Part 1Pension rules

Money purchase arrangements

Alternatively secured pension year and basis amount for alternatively secured pension year

12(1)“Alternatively secured pension year” means—

(a)the period of 12 months beginning with the day on which the member first becomes entitled to alternatively secured pension in respect of the arrangement, and

(b)each succeeding period of 12 months.

(2)When the member dies, the current alternatively secured pension year is the last alternatively secured pension year and ends immediately before the member’s death.

(3)But if by virtue of pension rule 2 alternatively secured income is to be paid to a person after the member’s death, sub-paragraph (4) applies instead of sub-paragraph (2).

(4)The last alternatively secured pension year is the earlier of—

(a)the tenth alternatively secured pension year, and

(b)the last alternatively secured pension year in which, under the arrangement, alternatively secured pension is to be paid.