- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
8.—(1) The rules of an existing scheme shall be modified, during the transitional period, so as to provide for the recovery, from present or future benefits or entitlement under the scheme in respect of a member, of an amount reflecting any liability of the scheme administrator in respect of the lifetime allowance charge under section 215 in respect of that member.
But this does not authorise the reduction of entitlement to a benefit which has not crystallised, except that in relation to which the lifetime allowance charge arises.
(2) The methods of recovery authorised by virtue of paragraph (1) include reduction of benefits or entitlement determined in accordance with normal actuarial practice.
This paragraph does not limit the generality of paragraph (1).
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.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: