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Taxation of Pensions Act 2014

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  1. Introductory Text

  2. 1.Provision for pension flexibility etc

  3. 2.Restriction and reduction of tax charges on certain lump sums

  4. 3.Death of pension scheme member

  5. 4.Citation, interpretation and consequential amendments

  6. SCHEDULES

    1. SCHEDULE 1

      Pension flexibility etc

      1. Part 1 Drawdown pensions

        1. Annual cap on pension drawdown abolished for flexi-access drawdown funds

          1. 1.In section 165(1) of FA 2004 (the pension rules) in...

          2. 2.In paragraph 8(1A) of Schedule 28 to FA 2004 (meaning...

        2. Flexi-access drawdown funds

          1. 3.(1) In Schedule 28 to FA 2004 after paragraph 8...

          2. 4.(1) In Schedule 28 to FA 2004 after paragraph 22...

        3. Further drawdown amendments

          1. 5.FA 2004 is amended as follows.

          2. 6.In section 167(1) (the pension death benefit rules) in pension...

          3. 7.In section 168(1), in the lump sum death benefit rule,...

          4. 8.In section 169(1D) (regulations about transfers of drawdown funds) after...

          5. 9.In section 172B(2) (rights of a “relevant member”)—

          6. 10.In section 172B(7A) (section does not apply to certain increases...

          7. 11.In section 182(3) (value of arrangement for purposes of borrowing...

          8. 12.In section 182(5) (determining whether rights are uncrystallised) after “the...

          9. 13.In section 206(1) (payments which trigger special lump sum death...

          10. 14.In section 211(1) (value of crystallised rights for purposes of...

          11. 15.In section 212(2) (value of uncrystallised rights for purposes of...

          12. 16.In section 216(1) (benefit crystallisation events and amounts crystallised), in...

          13. 17.In section 273A(1) (regulations about certain payments by insurance companies)—...

          14. 18.In section 280(2) (index of defined expressions) at the appropriate...

          15. 19.In paragraph 7 of Schedule 28 (meaning of “income withdrawal”)...

          16. 20.In paragraph 21 of Schedule 28 (meaning of “dependants' income...

          17. 21.In paragraph 22(2) of Schedule 28 (meaning of “dependant's drawdown...

          18. 22.In paragraph 3(5)(a) and (8)(a) of Schedule 29 (deductions when...

          19. 23.In paragraph 17 of Schedule 29 (meaning of “drawdown pension...

          20. 24.In Schedule 29 after paragraph 17 insert— Flexi-access drawdown fund...

          21. 25.In paragraph 18 of Schedule 29 (meaning of “charity lump...

          22. 26.In paragraph 4(1) of Schedule 32 (supplementary provision about benefit...

          23. 27.In paragraph 17(2) of Schedule 32 (supplementary provision about benefit...

          24. 28.(1) In paragraph 20(4) of Schedule 36 (lifetime allowance: deemed...

          25. 29.In paragraph 29(3) of Schedule 36 (modifications of paragraph 3...

        4. Related amendment in the Pension Benefits Regulations 2006

          1. 30.(1) In regulation 2(1) of the Pension Benefits (Insurance Company...

        5. Related amendment in Part 9 of ITEPA 2003

          1. 31.In section 636A of ITEPA 2003 (taxation of pension lump...

        6. Repeal and revocation of provisions relating to pre-6 April 2015 flexible drawdown

          1. 32.(1) In FA 2004 omit— (a) in section 165(1), in...

        7. Related amendments in regulations

          1. 33.(1) The Pension Schemes (Application of UK Provisions to Relevant...

          2. 34.(1) Regulation 12 of the Registered Pension Schemes (Transfer of...

          3. 35.(1) The Registered Pension Schemes (Provision of Information) Regulations 2006...

      2. Part 2 Annuities

        1. Reduction of restrictions on new annuities

          1. 36.Schedule 28 to FA 2004 (registered pension schemes) is amended...

          2. 37.In paragraph 3 (definition of member's lifetime annuity) after sub-paragraph...

          3. 38.In paragraph 6 (definition of member's short-term annuity) after sub-paragraph...

          4. 39.In paragraph 17 (definition of dependants' annuity) after sub-paragraph (1)...

          5. 40.In paragraph 20 (definition of dependants' short-term annuity) after sub-paragraph...

        2. Further annuities amendments

          1. 41.In section 165(1) of FA 2004 (the pension rules) in...

          2. 42.Schedule 28 to FA 2004 (registered pension schemes) is further...

          3. 43.In paragraph 3(1) (definition of member's lifetime annuity) after paragraph...

          4. 44.(1) In paragraph 3(2C) (regulations for cases where lifetime annuity...

          5. 45.In paragraph 6(1) (definition of member's short-term annuity) after paragraph...

          6. 46.(1) In paragraph 6(1C) (regulations for cases where short-term annuity...

          7. 47.In paragraph 17(1) (definition of dependants' annuity) for paragraph (za)...

          8. 48.In paragraph 17(1A) for “sub-paragraph (1)(za)” substitute “ sub-paragraphs (1)(za)...

          9. 49.(1) In paragraph 17(4) (regulations for cases where dependants' annuity...

          10. 50.In paragraph 20(1) (definition of dependants' short-term annuity) after paragraph...

          11. 51.(1) In paragraph 20(1C) (regulations for cases where dependants' short-term...

        3. Consequential amendment

          1. 52.In Schedule 16 to FA 2011 (benefits under pension schemes)...

      3. Part 3 Pension payments out of uncrystallised funds

        1. Definitions etc

          1. 53.Part 4 of FA 2004 is amended as follows.

          2. 54.In section 166(1) (lump sums which may be paid by...

          3. 55.In section 166(2) (when a person becomes entitled to a...

          4. 56.In section 280(2) (index of defined expressions) after the entry...

          5. 57.In Schedule 29 (supplementary provision about authorised lump sums) after...

          6. 58.In paragraph 12(2)(b) of Schedule 29 (conditions for treating the...

          7. 59.In paragraph 12(4) of Schedule 29 (exceptions to treating the...

          8. 60.In paragraph 12(5) of Schedule 29 (when an excess can...

          9. 61.In paragraph 15 of Schedule 32 (benefit crystallisation event 6:...

        2. Related amendments in Part 9 of ITEPA 2003

          1. 62.(1) Section 636A of ITEPA 2003 (taxation of pension lump...

      4. Part 4 Annual allowances

        1. Basic structure of the annual allowance charge

          1. 63.(1) Section 227 of FA 2004 (pensions under registered pension...

          2. 64.(1) In FA 2004 after section 227 insert— The chargeable...

        2. Annual allowance charge where rights have been flexibly accessed

          1. 65.(1) In FA 2004 before section 228 insert— The alternative...

        3. Further amendments

          1. 66.(1) Omit section 227A of FA 2004 (annual allowance charge:...

          2. 67.(1) In section 228A of FA 2004 (carry forward of...

          3. 68.In section 237B of FA 2004 (scheme administrator's co-liability for...

          4. 69.(1) In article 25C of the Taxation of Pension Schemes...

      5. Part 5 Miscellaneous amendments

        1. Pension commencement lump sums

          1. 70.(1) In paragraph 3A(3) of Schedule 29 to FA 2004...

        2. Trivial commutation lump sums and small pot lump sums

          1. 71.(1) In paragraph 7(1) of Schedule 29 to FA 2004...

          2. 72.(1) In article 23C(4) of the Taxation of Pension Schemes...

          3. 73.(1) The Registered Pension Schemes (Authorised Payments) Regulations 2009 (S.I....

        3. Trivial commutation lump sum death benefits

          1. 74.(1) Paragraph 20 of Schedule 29 to FA 2004 (trivial...

        4. Winding-up lump sum death benefit

          1. 75.(1) In Schedule 29 to FA 2004 (authorised lump sums)...

        5. Early lifetime annuities

          1. 76.(1) In paragraph 7 of Schedule 32 to FA 2004...

        6. Individuals who on 5 April 2006 had actual right to payment of pensions

          1. 77.(1) In paragraph 20(4)(a) and (b) of Schedule 36 to...

        7. Transfers between schemes of funds held in respect of individual who has protected pension age

          1. 78.(1) In Schedule 36 to FA 2004 after paragraph 23...

        8. Power to make certain payments

          1. 79.In FA 2004 after section 273A insert— Power of trustees...

        9. Temporary non-residence

          1. 80.ITEPA 2003 is amended as follows.

          2. 81.(1) Section 579CA as substituted by paragraph 117 of Schedule...

          3. 82.(1) The version of section 579CA which has effect if...

          4. 83.(1) Section 576A as substituted by paragraph 116 of Schedule...

          5. 84.(1) The version of section 576A which has effect if...

        10. Regulations about the effects of certain authorised payments

          1. 85.In section 164 of FA 2004 (authorised payments) after subsection...

      6. Part 6 Provision of information

        1. 86.The Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I....

        2. 87.After regulation 14 insert— Information provided to member by scheme...

        3. 88.(1) Regulation 14A (annual allowance: annual provision of information by...

        4. 89.In regulation 14B(1) (information mentioned in regulation 14A to be...

        5. 90.(1) The table in regulation 3(1) (provision of event reports...

        6. 91.The amendments made by this Part of the Schedule—

      7. Part 7 Overseas pensions

        1. 92.In section 169(4) of FA 2004 (regulations about the provision...

        2. 93.(1) Section 251 of FA 2004 (regulations about the provision...

        3. 94.In paragraph 5 of Schedule 33 to FA 2004 (conditions...

        4. 95.(1) Schedule 34 to FA 2004 (application of certain tax...

        5. 96.(1) The Pension Schemes (Application of UK Provisions to Relevant...

        6. 97.(1) In this paragraph— “the 2013 Regulations” means the Registered...

    2. SCHEDULE 2

      Death of pension scheme member

      1. Part 1 Death benefits: nominees and successors

        1. Drawdown benefits for nominees and successors of deceased scheme members

          1. 1.FA 2004 is amended as follows.

          2. 2.(1) Section 167 (the pension death benefit rules) is amended...

          3. 3.(1) In Part 2 of Schedule 28 (interpretation of the...

        2. Nominees and successors: further drawdown amendments

          1. 4.In section 169(1D) (regulations about transfers of drawdown funds) after...

          2. 5.In section 172(1)(a) (assignment of rights or benefits) after “dependant”...

          3. 6.In section 172A(1)(a) (surrender of rights or benefits) after “dependant”...

          4. 7.In section 172A(5) (exceptions to provisions on surrender: entitlement to...

          5. 8.In section 172A(5A) (further provision on surrender exceptions)—

          6. 9.In section 172A after subsection (5A) insert—

          7. 10.In section 172A(7) (exceptions to provisions on surrender: prospective entitlements)—...

          8. 11.In section 172B(2) (rights of a “relevant member”)—

          9. 12.In section 172B(7A) (section does not apply to certain increases...

          10. 13.In section 182(3) (value of arrangement for purposes of borrowing...

          11. 14.In section 280(2) (index of defined expressions) at the appropriate...

        3. Nomination of charities by nominees and successors of deceased scheme members

          1. 15.(1) Paragraph 18 of Schedule 29 (charity lump sum death...

        4. Related amendments in regulations

          1. 16.(1) Regulation 12 of the Registered Pension Schemes (Transfer of...

      2. Part 2 Lump sum death benefits

        1. Special lump sum death benefits charge

          1. 17.(1) Section 206 of FA 2004 (special lump sum death...

          2. 18.In section 280(2) of FA 2004 (index of defined expressions)...

        2. Uncrystallised funds lump sum death benefit

          1. 19.(1) In paragraph 15 of Schedule 29 to FA 2004...

        3. Commencement

          1. 20.The amendments made by paragraphs 17 and 19 apply to...

      3. Part 3 Uncrystallised rights at member's death

        1. 21.In section 216(1) of FA 2004 (benefit crystallisation events and...

        2. 22.(1) Section 217 of FA 2004 (persons liable to lifetime...

        3. 23.(1) Section 219 of FA 2004 (availability of individual's lifetime...

        4. 24.(1) Schedule 32 to FA 2004 (supplementary provisions about benefit...

      4. Part 4 Income tax on beneficiaries' income withdrawal

        1. 25.(1) ITEPA 2003 is amended as follows.

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