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Finance Act 2024
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- UK Public General Acts
- 2024 c. 3
- Schedule 9
- Part 2
- Paragraph 23
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Amendments of Part 4 of FA 2004 (pension schemes etc)
23After section 278 (market value) insert—
“278ADisqualifying pension credits
(1)For the purposes of this Part, a pension credit is “disqualifying” if, when the member becomes entitled to it, the person subject to the corresponding pension debit has an actual (rather than a prospective) right to payment of a pension under the relevant arrangement.
(2)The “relevant arrangement” is the arrangement to which the pension sharing order, or provision by virtue of which the member becomes entitled to the pension credit, relates.
278BAnnuities and scheme pensions: meaning of “related to”
(1)For the purposes of this Part, a dependants' annuity is “related to” a lifetime annuity payable to a member of a registered pension scheme if—
(a)they are purchased either in the form of a joint life annuity or separately in circumstances in which the day on which the one is purchased is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased, and
(b)the dependants’ annuity will be payable to a dependant of the member.
(2)For the purposes of this Part, a nominees’ annuity is “related to” a lifetime annuity payable to a member of a registered pension scheme if—
(a)they are purchased either in the form of a joint life annuity or separately in circumstances in which the day on which the one is purchased is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased, and
(b)the nominees’ annuity will be payable to a nominee of the member.
(3)For the purposes of this Part, a dependants’ scheme pension is “related to” a scheme pension payable to a member of a registered pension scheme if—
(a)the day on which one is purchased or sums or assets are applied for its provision is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased or sums or assets are applied for its provision, and
(b)the dependants’ scheme pension will be payable to a dependant of the member.”
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