SCHEDULES
SCHEDULE 16Benefits under pension schemes
Part 1Changes to benefits available under pension schemes etc
Drawdown pension year and basis amount for drawdown pension year
18
1
Paragraph 24 of that Schedule (basis amount) is amended as follows.
2
For sub-paragraph (1) substitute—
A1
This paragraph applies in relation to drawdown pension years beginning on or before the dependant's 75th birthday.
1
Subject as follows, the period of three drawdown pension years beginning with the first drawdown pension year, and each succeeding period of three drawdown pension years, is a “reference period”.
1ZA
But the reference period in which the dependant reaches the age of 75 ends with the drawdown pension year in which the dependant reaches that age.
3
In sub-paragraph (1B)(b)—
a
after “subject to” insert “
sub-paragraph (1ZA) and
”
;
b
for “five unsecured pension years” (in both places) substitute “
three drawdown pension years
”
.
4
In sub-paragraphs (2) and (4)—
a
for “unsecured pension year” substitute “
drawdown pension year
”
;
b
for “dependant's unsecured pension fund” substitute “
dependant's drawdown pension fund
”
.
5
In sub-paragraph (5)—
a
for “an unsecured pension year” substitute “
a drawdown pension year
”
;
b
for “that unsecured pension year” substitute “
that drawdown pension year
”
.
6
In sub-paragraph (6)—
a
for “unsecured pension year” substitute “
drawdown pension year
”
;
b
for “dependant's unsecured pension fund” substitute “
dependant's drawdown pension fund
”
.
7
After sub-paragraph (6) insert—
6A
But sub-paragraph (5) does not apply where the operation of that sub-paragraph in relation to an additional fund designation during a drawdown pension year would reduce the basis amount for that drawdown pension year.
8
In sub-paragraph (7), for “dependant's unsecured pension fund” substitute “
dependant's drawdown pension fund
”
.
9
In sub-paragraph (8)—
a
for “sums and assets” substitute “
sums or assets
”
;
b
for “unsecured dependants' pension” substitute “dependants' drawdown pension”.
10
In sub-paragraph (8A), for “dependant's unsecured pension fund” substitute “
dependant's drawdown pension fund
”
.
11
In sub-paragraph (9)(b), for “unsecured pension year” substitute “
drawdown pension year
”
.
F112
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