SCHEDULES

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

Benefit crystallisation event 8: prevention of overlap with other eventsU.K.

17(1)This paragraph applies for the purposes of benefit crystallisation event 8.U.K.

(2)Where any of the sums or assets transferred represent the whole or part of the individual’s [F1drawdown pension fund], the amount crystallised by the event is to be reduced by the amount (or the appropriate proportion of the amount) previously crystallised on the designation of the sums or assets as available for the payment of [F2drawdown pension].

(3)Where after the transfer a scheme pension to which the individual has become entitled before the transfer is to be payable out of sums or assets transferred, the amount crystallised by the event is to be reduced by the amount (or the appropriate proportion of the amount) previously crystallised in relation to the scheme pension.

Textual Amendments

F1Words in Sch. 32 para. 17(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(5)(a)

F2Words in Sch. 32 para. 17(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(5)(b)

Modifications etc. (not altering text)

C3Sch. 32 para. 17(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)(c)

Commencement Information

I1Ss. 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