SCHEDULES

SCHEDULE 1Pension flexibility etc

Part 1Drawdown pensions

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

2

In paragraph 8(1A) of Schedule 28 to FA 2004 (meaning of “member's drawdown pension fund”: funds designated as available for drawdown)—

a

in the opening words omit “they”,

b

in paragraph (a) for “have been designated at any time” substitute “ they have, at any time before 6 April 2015, been designated ”,

c

before the “or” at the end of paragraph (a) insert—

aa

they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and—

i

sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and

ii

section 165(3A) did not apply to the arrangement immediately before 6 April 2015,

d

in paragraph (b)—

i

at the beginning insert “ they ”, and

ii

for “sums or assets which have been so designated or” substitute “ member-designated funds under paragraph (a) or (aa) or from sums or assets ”.