Finance Act 2004 (c. 12)

SCHEDULES

SCHEDULE 32 U.K. Registered pension schemes: benefit crystallisation events—supplementary

Modifications etc. (not altering text)

C1 Sch. 32 modified (6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 16

C2 Sch. 32 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 23(5)

Benefit crystallisation events 1, 2 and 4: prevention of overlap U.K.

4 (1) This paragraph applies for the purposes of benefit crystallisation event 4 [F1 if— U.K.

(a) the lifetime annuity or a related dependants' annuity or a related nominees' annuity is, or

(b) the lifetime annuity and a related dependants' annuity are, or

(c) the lifetime annuity and a related nominees' annuity are, or

(d) a related dependants' annuity and a related nominees' annuity are, or

(e) the lifetime annuity and a related dependants' annuity and a related nominees' annuity are,

purchased] (in whole or in part) with sums or assets representing the whole or part of the individual’s [F2 drawdown pension fund] [F3 or flexi-access drawdown fund].

(2) The amount crystallised by the event is to be reduced by the amount (or an appropriate proportion of the amount) previously crystallised on the designation of the sums or assets as available for the payment of [F4 drawdown pension].

Textual Amendments

F1 Words in Sch. 32 para. 4(1) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 7(b)

F2 Words in Sch. 32 para. 4(1) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 80(3)(a)

F3 Words in Sch. 32 para. 4(1) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 26

F4 Words in Sch. 32 para. 4(2) substituted (with effect in accordance with Sch. 16 paras. 85, 104(1) of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 80(3)(b)

Modifications etc. (not altering text)

C3 Sch. 32 para. 4(2) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 104(3)(b)

Commencement Information

I1 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284