90(1)This paragraph applies in the case of a person who, immediately before 6 April 2011—
(a)was entitled to unsecured pension, and
(b)had not reached the age of 75.
(2)Where, immediately before 6 April 2011, the last reference period to begin before that date has not ended—
(a)pension rule 5 in section 165 of FA 2004 has effect in relation to every drawdown pension year ending on or before the relevant date as if for “100%” there were substituted “120%”, and
(b)paragraph 10 of Schedule 28 to FA 2004 has effect with the following modifications—
(i)the reference in sub-paragraph (1) to the first drawdown pension year is to be read as a reference to the first drawdown pension year beginning after the relevant date;
(ii)any reference in sub-paragraphs (1ZA) to (1C) to a reference period is to be read as including a reference to the current reference period.
(3)The “relevant date” is the earlier of the following—
(a)the day on which the current reference period ends, and
(b)if a transfer within sub-paragraph (5) occurs in relation to the person, the day on which the drawdown pension year in which the transfer takes place ends.
(4)Subject to the operation of paragraph 10(1ZA) and (1B) of Schedule 28 to FA 2004, “the current reference period” is the period of 5 years beginning before 6 April 2011 and comprising—
(a)the drawdown pension year in which that date falls,
(b)any unsecured pension years which—
(i)began after the end of the last reference period ending before that date, and
(ii)ended before that date,
and
(c)if the sum of the years falling within paragraphs (a) and (b) is less than five, one or more drawdown pension years beginning after that date.
(5)A transfer is within this sub-paragraph if—
(a)it takes place on or after 6 April 2011, and
(b)it is a recognised transfer for the purposes of Part 4 of FA 2004 (see section 169 of that Act).
(6)For the purposes of pension rule 5 in section 165 of FA 2004, the amount which, immediately before 6 April 2011, was by virtue of paragraph 10 of Schedule 28 to FA 2004 the basis amount for the last unsecured pension year continues, on and after that date, to be the basis amount for every drawdown pension year ending on or before the relevant date.
This is subject to sub-paragraphs (4)(b) and (5) of that paragraph.
(7)Paragraph 10(4) of Schedule 28 to FA 2004 has effect for drawdown pension years beginning on or after 6 April 2011 and ending on or before the relevant date as it has effect for drawdown pension years falling within any reference period beginning after the relevant date, but as if—
(a)paragraph (a) were omitted,
(b)in paragraph (b), for “otherwise” there were substituted “if there has been a recent annuity, recent additional fund designation or recent pension sharing event”, and
(c)in paragraph 10(9) of that Schedule—
(i)the reference to the reference date were a reference to the day on which the last unsecured pension year began, and
(ii)the reference to the immediately preceding drawdown pension year included, in the case of a drawdown pension year beginning on 6 April 2011, a reference to the last unsecured pension year.
(8)In paragraph 10(7) to (8A) of that Schedule any reference to drawdown pension or the member’s drawdown pension fund is to be read as including, in relation to anything occurring before 6 April 2011, a reference to unsecured pension or the member’s unsecured pension fund.