Recovery of tax in respect of lifetime allowance charge8
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).