Search Legislation

Taxation of Pensions Act 2014

What Version

 Help about what version

Advanced Features

 Help about advanced features

Changes to legislation:

There are currently no known outstanding effects for the Taxation of Pensions Act 2014, Section 88. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

This section has no associated Explanatory Notes

88(1)Regulation 14A (annual allowance: annual provision of information by scheme administrator to member) is amended as follows.E+W+S+N.I.

(2)In paragraph (1) (duty to provide annual pension savings statement)—

(a)in paragraph (b) at the beginning insert either—

(i),

(b)in paragraph (b) at the end insert or

(ii)both of the conditions in paragraph (9) are met,, and

(c)after “containing the information” insert “ specified in paragraph (10) if the condition in sub-paragraph (b)(ii) is met but otherwise containing the information ”.

(3)In the first sentence of paragraph (8) for “(1)” substitute “ (1)(a) ”.

(4)After paragraph (8) insert—

(9)The conditions referred to in paragraph (1)(b)(ii) are as follows.

  • Condition D The scheme administrator has reason to believe that the member has first flexibly accessed pension rights for the purposes of sections 227B to 227F.

  • Condition E That the overall total of the following amounts is more than £10,000—

    (a)

    for each money purchase arrangement relating to the member under the scheme, the pension input amount for the relevant pension input period in respect of the arrangement, and

    (b)

    for each hybrid arrangement relating to the member under the scheme, the greater of such of input amounts A and B mentioned in section 237 as are, for the purposes of section 237, relevant input amounts for the relevant pension input period in the case of the arrangement.

(10)The information is—

(a)the total of—

(i)the pension input amounts for the relevant pension input period in respect of each money purchase arrangement relating to the member under the scheme, and

(ii)the pension input amounts for the relevant pension input period in respect of each hybrid arrangement under the scheme—

(aa)that relates to the member, and

(bb)for which the pension input amount for the relevant pension input period is input amount A or B mentioned in section 237,

(b)the total of—

(i)the pension input amounts for the relevant pension input period in respect of each defined benefits arrangement relating to the member under the scheme, and

(ii)the pension input amounts for the relevant pension input period in respect of each hybrid arrangement under the scheme—

(aa)that relates to the member,

(bb)for which the pension input amount for the relevant pension input period is input amount C mentioned in section 237, and

(cc)that is made before 14 October 2014 and has not become a hybrid arrangement (whether or not for the first time) on or after that day,

(c)for each hybrid arrangement relating to the member under the scheme—

(i)that is made on or after 14 October 2014 or has become a hybrid arrangement (whether or not for the first time) on or after that day, and

(ii)for which the pension input amount for the relevant pension input period is input amount C mentioned in section 237,

which of input amounts A, B and C mentioned in section 237 is a relevant input amount for the purposes of section 237 for the relevant pension input period in the case of the arrangement, and the amount of each of those input amounts that in the case of the arrangement is a relevant input amount for those purposes for that period,

(d)the unadjusted alternative annual allowance for the relevant tax year, and the fact the member's money-purchase input sub-total for the relevant tax year will be tested against a £10,000 allowance,

(e)the unadjusted alternative annual allowance for each of the three preceding tax years, and the fact that the member's money-purchase input sub-total for each of those preceding years will be tested against a £10,000 allowance or, if any of those preceding years is earlier than the tax year 2015-16, the annual allowance for each such earlier year, and

(f)for each of those three preceding years, the information given in the pension savings statement for the pension input period ending in that year under, as the case may be, sub-paragraphs (a) to (c) or paragraph (2)(a).

(11)If, in the case of a hybrid arrangement, input amount C mentioned in section 237—

(a)is a relevant input amount for the purposes of section 237 for the relevant pension input period, and

(b)is equal to—

(i)input amount A or B mentioned in section 237 if that is the only other relevant input amount for the purposes of section 237 for that period, or

(ii)the greater of input amounts A and B mentioned in section 237 if both are relevant input amounts for the purposes of section 237 for that period,

the pension input amount in respect of the arrangement for that period is, for the purposes of paragraph (10), treated as being input amount A or B or, as the case may be, the greater of input amounts A and B (and, in either case, not input amount C).

(12)In paragraph (10)(d) and (e) “the unadjusted alternative annual allowance”, in relation to a tax year, means the amount that would be the member's alternative annual allowance under section 227B(2) for that tax year if any increases under section 228A(2) (carry forward of unused allowance from preceding 3 years) are ignored.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I1Sch. 1 para. 88 in force at Royal Assent, but see Sch. 1 para. 91

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources