Finance Act 2004 (c. 12)

SCHEDULES

SCHEDULE 32 U.K. Registered pension schemes: benefit crystallisation events—supplementary

Modifications etc. (not altering text)

C1 Sch. 32 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 16

C2 Sch. 32 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 23(5)

Benefit crystallisation events 1, 2 and 4: prevention of overlap U.K.

[F1 2B (1) This paragraph applies for the purposes of benefit crystallisation event 1 where the sums or assets designated are, after the designation, held for the purposes of a CMP-derived drawdown pension. U.K.

(2) The amount crystallised by the event is to be reduced by the amount (or an appropriate proportion of the amount) crystallised on the individual becoming entitled to a scheme pension under the collective money purchase arrangement for the purposes of which the sums or assets were previously held.]

Textual Amendments

F1 Sch. 32 para. 2B substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 24(8)

3 (1) This paragraph applies for the purposes of benefit crystallisation event 2 if the scheme pension is funded (in whole or in part) by the [F2 application] of sums or assets representing the whole or part of the individual’s [F3 drawdown pension fund]. U.K.

(2) The amount crystallised by the event is to be reduced by the amount (or an appropriate proportion of the amount) previously crystallised on the designation of the sums or assets as available for the payment of [F4 drawdown pension].

Textual Amendments

F2 Word in Sch. 32 para. 3(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 25(2), 64(1)

F3 Words in Sch. 32 para. 3(1) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 80(2)(a)

F4 Words in Sch. 32 para. 3(2) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 80(2)(b)

Modifications etc. (not altering text)

C3 Sch. 32 para. 3(2) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 104(3)(a)

Commencement Information

I1 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284