57U.K.In Schedule 29 (supplementary provision about authorised lump sums) after paragraph 4 insert—
4A(1)For the purposes of this Part a lump sum is an uncrystallised funds pension lump sum if—
(a)it is paid on or after 6 April 2015 in respect of a money purchase arrangement,
(b)it is paid when all or part of the member's lifetime allowance is available,
(c)it is paid when the member has reached normal minimum pension age (or the ill-health condition is met),
(d)it is not a pension commencement lump sum,
(e)it is not a lump sum that, for the purposes of Part 9 of ITEPA 2003 (pension income), is treated by regulations under section 164(1)(f) and (2) as a trivial commutation lump sum paid to the member,
(f)immediately before the member becomes entitled to it, the sums or assets that are to be used to provide it—
(i)represent rights of the member under the scheme that are uncrystallised rights as defined by section 212(1) and (2), but
(ii)do not to any extent represent rights attributable to a disqualifying pension credit, and
(g)none of sub-paragraphs (3) to (5) applies to the member.
(2)But if a lump sum falling within sub-paragraph (1)—
(a)is paid when the member has not reached the age of 75, and
(b)exceeds the member's available lifetime allowance,
the excess is not an uncrystallised funds pension lump sum.
(3)This sub-paragraph applies to the member if—
(a)paragraph 12 of Schedule 36 applies to the member (enhanced protection from 6 April 2006) immediately before the sum is paid, and
(b)the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of Schedule 36) is met in relation to the member.
(4)This sub-paragraph applies to the member if—
(a)paragraph 7 of Schedule 36 makes provision for the operation of a lifetime allowance enhancement factor in relation to the member immediately before the sum is paid, and
(b)the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of Schedule 36) is met in relation to the member.
(5)This sub-paragraph applies to the member if—
(a)any of the provisions listed in sub-paragraph (6) makes provision for the operation of a lifetime allowance enhancement factor in relation to the member immediately before the sum is paid, and
(b)immediately before the sum is paid, the available portion of the member's lump sum allowance for the purposes of paragraph 2 of Schedule 29 is nil or less than 25% of the sum.
(6)The listed provisions are—
(a)paragraph 7 of Schedule 36 (primary protection);
(b)section 220 (pension credits from previously crystallised rights);
(c)section 221 (non-residence arrangements);
(d)section 224 (transfers from recognised overseas pensions schemes);
(e)paragraph 18 of Schedule 36 (pre-commencement pension credits).
(7)In sub-paragraph (1)(f) “disqualifying pension credit” is to be read in accordance with paragraph 2(3) and (4).”