Modifications etc. (not altering text)
C1Sch. 28 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), 14
8(1)For the purposes of this Part the member’s unsecured pension fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement [F1as are member-designated funds.]U.K.
[F2(1A)For the purposes of this Part sums or assets held for the purposes of an arrangement are member-designated funds if they—
(a)have been designated at any time under the arrangement as available for the payment of unsecured pension, or
(b)arise, or (directly or indirectly) derive, from sums or assets which have been so designated or which so arise or derive,
and have not been applied towards the provision of a scheme pension.]
(2)When the member reaches the age of 75, any relevant uncrystallised funds are to be treated as having been designated under the arrangement as available for the payment of unsecured pension immediately before the member reached that age.
(3)“Relevant uncrystallised funds” means
[F3(a)if the arrangement is a cash balance arrangement, a sum equal to what would, on the valuation assumption in section 277(a), be available for the provision of benefits to or in respect of the member if the member became entitled to them on reaching the age of 75, and
(b)if it is not, such of the sums and assets held for the purposes of the arrangement as are not member-designated funds and have not been applied towards the provision of a scheme pension or a dependants' scheme pension.]
[F4(4)If any sums or assets representing the member's unsecured pension fund in respect of an arrangement under the pension scheme would (apart from this sub-paragraph) come to be taken to represent another unsecured pension fund of his under the pension scheme, or a dependant's unsecured pension fund of his under the pension scheme, they are to be treated as not doing so.]
Textual Amendments
F1Words in Sch. 28 para. 8(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(2), 64(1)
F2Sch. 28 para. 8(1A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(3), 64(1)
F3Sch. 28 para. 8(3)(a)(b) substituted for Sch. 28 para. 8(3)(a)(b) and words (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(4), 64(1)
F4Sch. 28 para. 8(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(5), 64(1)
Modifications etc. (not altering text)
C2Sch. 28 para. 8 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 29(1)-(3)
C3Sch. 28 para. 8 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 8(1)(2)