SCHEDULES
SCHEDULE 36

Pension schemes etc: transitional provisions and savings
Section 283
Part 1

Pre-commencement pension schemes

Deemed registration of existing schemes
1
1
Any pension scheme which, immediately before 6th April 2006, is—
a
a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA,
b
a former approved superannuation fund (see sub-paragraph (3)),
c
a relevant statutory scheme, as defined in section 611A of ICTA, or a pension scheme treated by the Inland Revenue on that date as if it were such a relevant statutory scheme,
d
an annuity contract by means of which benefits provided under a pension scheme within paragraph (a), (b) or (c) have been secured but which does not provide for the immediate payment of benefits,
e
a scheme or fund mentioned in section 613(4)(b) to (d) of ICTA (Parliamentary pension schemes or funds),
f
an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA, or
g
a personal pension scheme approved under Chapter 4 of Part 14 of ICTA,
is to be treated as becoming a registered pension scheme on that date.
2
Where immediately before 6th April 2006 a retirement benefits scheme is, in accordance with section 611 of ICTA, treated as two or more separate schemes, the reference in sub-paragraph (1)(a) to an approved retirement benefits scheme is to such of the separate schemes as are approved (and not to the whole retirement benefits scheme).
3
For the purposes of sub-paragraph (1)(b) any fund which immediately before 6th April 1980 was an approved superannuation fund for the purposes of section 208 of ICTA 1970 is a former approved superannuation fund unless since 5th April 1980—
a
the fund has been approved for the purposes of Chapter 1 of Part 14 of ICTA (retirement benefits schemes), or
b
any sum has been paid under the fund by way of contribution.
4
Sub-paragraph (1)(a) or (g) applies in relation to a pension scheme approved (for the purposes of Chapter 1, or under Chapter 4, of Part 14 of ICTA) on or after 6th April 2006 if the approval has effect for a period ending with 5th April 2006.
4A
This Part of this Act applies in relation to a pension scheme that—
a
is a registered pension scheme by virtue of sub-paragraph (1)(a), and
b
is neither a public service pension scheme nor an occupational pension scheme,
as it applies in relation to an occupational pension scheme.
5
This paragraph is subject to paragraph 2 (opt-out).

Opting out of deemed registration
2
1
Paragraph 1 (1) does not apply to a pension scheme if the relevant administrator has, at any time before 6th April 2006, notified the Inland Revenue that the pension scheme is not to become a registered pension scheme on that date.
2
If, by virtue of sub-paragraph (1) of this paragraph, sub-paragraph (1) of paragraph 1 does not apply to a pension scheme within any of paragraphs (a) to (d), (f) and (g) of that sub-paragraph, income tax is to be charged at the rate of 40% on the relevant amount.
3
The relevant amount is an amount equal to the aggregate of—
a
the amount of the sums held for the purposes of the pension scheme immediately before 6th April 2006, and
b
the market value (at that time) of the assets held for the purposes of the pension scheme at that time.
4
The liability to income tax is a liability of the person who is the relevant administrator on 5th April 2006 or, if more than one person is the relevant administrator on that date, is a joint and several liability of those persons.
5
Where tax is charged in accordance with sub-paragraph (2), for the purposes of TCGA 1992 the assets which immediately before 6th April 2006 are held for the purposes of the pension scheme—
a
are to be treated as having been acquired at that time for a consideration equal to the amount on which tax is charged by virtue of sub-paragraph (2) by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets on that date, and
b
are not to be treated as having been disposed of by any person at that time.
6
“Relevant administrator” means—
a
in the case of a pension scheme within paragraph 1(1)(a), (b) or (c), the person who is, or the persons who are, the administrator of the pension scheme under section 611AA of ICTA,
b
in the case of a pension scheme within paragraph 1(1)(d) or (f), the trustee or trustees of the pension scheme, or the insurance company which is a party to the contract in which the pension scheme is comprised,
c
in the case of a pension scheme within paragraph 1(1)(e), the trustees of the scheme or fund, and
d
in the case of a pension scheme within paragraph 1(1)(g), the person who is referred to in section 638 (1) of ICTA.
7
If paragraph 1 (1) does not apply to a pension scheme by virtue of sub-paragraph (1), sections 431B(2) and 466(2B) of ICTA (meaning of pension business: pension scheme ceasing to be a registered pension scheme) apply as if the pension scheme had ceased to be a registered pension scheme at the beginning of 6th April 2006.

Power to modify rules of existing schemes
3
1
The Board of Inland Revenue may by regulations make any modifications of the rules of pension schemes to which paragraph 1 (1) applies if the modifications appear appropriate in consequence of, or in connection with, the provision made by this Part (or the repeals made by this Act in consequence of the provision made by this Part).
2
Any modifications of the rules of a pension scheme made by the regulations have effect until the earlier of—
a
the first date after 5th April 2006 on which amendments of the rules of the pension scheme which state that the modifications no longer apply in relation to it take effect, or
b
the end of the tax year 2010-11 or such later time as the Board of Inland Revenue may by regulations prescribe.
3
The modifications that may be made by the regulations include, in particular—
a
modifications for relieving pension schemes of obligations to make payments which, on and after 6th April 2006, would be unauthorised payments, and
b
modifications of provisions (however expressed) referring to any limit contained in, or relevant in relation to approval under or for the purposes of, any provision of Part 14 of ICTA (pension schemes etc.) as it has effect at any time before 6th April 2006.

Scheme administrator
4
1
Where under paragraph 1 (1) a pension scheme is treated as becoming a registered pension scheme on 6th April 2006, (despite anything in section 270) the following person is, or the following persons are, to be treated as becoming the scheme administrator of the pension scheme on that date.
2
If the pension scheme is within paragraph 1(1)(a), (b) or (c) immediately before that date, the person who is, or the persons who are, the administrator of the pension scheme under section 611AA of ICTA immediately before that date is or are to be treated as becoming the scheme administrator.
3
If the pension scheme is within paragraph 1(1)(d) or (f) immediately before that date, the trustee or trustees of the pension scheme, or the insurance company which is a party to the contract in which the pension scheme is comprised, is or are to be treated as becoming the scheme administrator.
4
If the pension scheme is within paragraph 1(1)(e) immediately before that date, the trustees of the scheme or fund are to be treated as becoming the scheme administrator.
5
If the pension scheme is within paragraph 1(1)(g) immediately before that date, the person who is referred to in section 638 (1) of ICTA in relation to the pension scheme immediately before that date is to be treated as becoming the scheme administrator.

Post-commencement withdrawal of approval
5
1
The repeal by this Act of—
a
section 591B (1) of ICTA (withdrawal of approval of retirement benefits scheme),
b
section 620(7) of ICTA (withdrawal of approval of retirement annuity contract), and
c
section 650 (1) of ICTA (withdrawal of approval of approved personal pension arrangements),
does not prevent the withdrawal of an approval under any of those provisions at any time after 5th April 2006 (from any earlier date until 6th April 2006).
2
A withdrawal of approval made under any of those provisions by virtue of sub-paragraph (1) has the same consequences as a withdrawal of approval made under the provision concerned before 6th April 2006, so that (in particular)—
a
sections 591C and 591D of ICTA (tax on cessation of approval of retirement benefits scheme), or
b
sections 650A and 651 of ICTA (charge on cessation of approval of personal pension arrangements and appeal against such withdrawal of such approval),
apply where they would have applied had the approval been withdrawn before that date.

Pre-commencement liabilities of scheme administrator
6
Any liabilities or obligations of—
a
the administrator of a retirement benefits scheme (within the meaning of Chapter 1 of Part 14 of ICTA), or
b
the scheme administrator of a personal pension scheme (within the meaning of Chapter 4 of Part 14 of ICTA),
incurred in relation to the scheme before 6th April 2006 or by virtue of paragraph 4 are (on and after that date) to be treated as liabilities or obligations of the scheme administrator of the scheme.
Part 2

Pre-commencement rights: enhancement of allowances etc
... 6A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

“Primary protection”
7
1
This paragraph applies in the case of an individual where—
a
the amount of the relevant pre-commencement pension rights of the individual exceeds £1,500,000, and
b
notice of intention to rely on this paragraph is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs.
2
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
a
the amount specified in section 637P of that Act (individual’s lump sum allowance) were £375,000, and
b
the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under
paragraph 20H
of this Schedule).
3
For the purposes of
paragraph 20H
—
a
the individual’s “protected lump sum and death benefit allowance” is £1,800,000;
b
a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (7) of this paragraph, operates in relation to the individual.
4
The lump sum and death benefit allowance enhancement factor is the primary protection factor.
5
The primary protection factor is—
(R R - £ 1, 500, 000)/(£ 1, 500, 000)
where RR is the amount of the relevant pre-commencement pension rights of the individual (see sub-paragraph (6)).
6
The amount of the relevant pre-commencement
pension
rights of the individual is the aggregate of—
a
the value of the individual’s relevant uncrystallised pension rights on 5th April 2006 (calculated in accordance with paragraphs 8 and 9), and
b
the value of the individual’s relevant crystallised pension rights on that date (calculated in accordance with paragraph 10).
7
Sub-paragraph (5) is subject to paragraph 11 (pension debit on or after 6th April 2006) and paragraph 11A (pension debit on or after 6th April 2006: lump sum death benefits).
8
Where this paragraph applies in the case of an individual, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if—
a
the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of this Schedule) is met in relation to the individual, or
b
... the amount given by the formula in sub-paragraph (9) is less than 25% of the lump sum.
9
The formula is—
(£ 1, 800, 000 - A)/4
where A is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid.
8
1
The value of the individual’s relevant uncrystallised pension rights on 5th April 2006 is the aggregate value of the individual’s uncrystallised rights on that date under each relevant pension arrangement relating to the individual.
2
An arrangement is a “relevant pension arrangement”if it is an arrangement under a pension scheme within paragraph 1(1).
3
For the purposes of this paragraph the individual’s rights are “uncrystallised”if the individual has not, on 5th April 2006, become entitled to the present payment of benefits in respect of the rights.
4
And the individual is to be treated as entitled to the present payment of benefits in respect of any accrued rights in relation to which the individual has (under section 634A (1) of ICTA) made an election to defer the purchase of an annuity.
5
For the purposes of this paragraph the value of the individual’s uncrystallised rights on 5th April 2006 under an arrangement is to be calculated in accordance with section 212 (valuation of uncrystallised rights for purposes of section 210) on the assumption that the individual became entitled to the present payment of benefits in respect of the rights on that date.
6
Section 212 has effect for the purposes of sub-paragraph (5) as if the reference to such age (if any) as must have been reached to avoid any reduction in benefits on account of age in paragraph (a) of section 277 were to the relevant age; and for this purpose “the relevant age” is—
a
if on 10th December 2003 the terms of the arrangement made provision for a reduction in the amount of benefits payable in respect of rights under the arrangement on account of the holder of the rights being below a particular age, that age, and
b
otherwise, 60.
9
1
This paragraph applies if any of the individual’s uncrystallised rights on 5th April 2006 are rights under one or more arrangements under a pension scheme or schemes within paragraph 1(1)(a) to (d).
2
The value of the individual’s uncrystallised rights on 5th April 2006 under the arrangement, or the aggregate of the values of the individual’s uncrystallised rights on 5th April 2006 under such of the arrangements as relate to a particular employment, is ...—
a
the value, or the aggregate of the values, calculated under paragraph 8, or (if lower)
b
the amount arrived at in accordance with sub-paragraph (3).
3
The amount arrived at in accordance with this sub-paragraph is—
20 × MPP
where MPP is the maximum permitted pension as increased, in a case where sub-paragraph (5A) applies, in accordance with sub-paragraph (5B).
4
“The maximum permitted pension” means
a
in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section
611A(1)(a)
of
ICTA
, the maximum annual pension that could be paid to the individual under the pension scheme on 5th April 2006, and
b
in any other case, the maximum annual pension that could be paid to the individual on 5th April 2006 under the arrangement or arrangements if it or they were made under a pension scheme within paragraph 1(1)(a) without giving the Board of Inland Revenue grounds for withdrawing approval of the pension scheme under section 591B of ICTA.
5
For the purposes of sub-paragraph (4) it is to be assumed—
a
in the case of any arrangement, that if the individual was in the employment to which the arrangement or arrangements relates or relate on 5th April 2006 the individual left the employment on that date, and
aa
in the case of an arrangement within sub-paragraph (4)(a), that the valuation assumptions apply (see section 277),
b
in the case of any other arrangement, that if the individual had not reached the lowest age at which a pension may be paid under a pension scheme within paragraph 1(1)(a) to a person in good health without giving the Board of Inland Revenue grounds for withdrawing the approval of the pension scheme that fact would not give the Board such grounds.
5A
This sub-paragraph applies where, in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section 611A(1)(a) of
ICTA
—
a
a lump sum could be paid to the individual on 5th April 2006 under the pension scheme otherwise than by commutation of pension, and
b
that lump sum could not be exchanged (in whole or in part) for an increased pension.
5B
Where sub-paragraph (5A) applies, the amount arrived at under sub-paragraph (3) is the aggregate of what it otherwise would be and so much of the amount of the lump sum as could not be so exchanged.
6
For the purposes of this paragraph an arrangement relating to an individual relates to an employment if—
a
the earnings by reference to which benefits under the arrangement are calculated are earnings from the employment, or
b
the person who is the employer in relation to the employment pays contributions under the arrangement in respect of the individual.
10
1
The value of the individual’s relevant crystallised pension rights on 5th April 2006 is—
25 × ARP
where ARP is an amount equal to the annual rate at which any relevant existing pension is payable to the individual on 5th April 2006 or, if more than one relevant existing pension is payable to the individual on that date, to the aggregate of the annual rates at which each of the relevant existing pensions is so payable.
2
“Relevant existing pension” means—
a
a pension under a retirement benefits scheme approved for the purposes of Chapter 1 of Part 14 of ICTA,
b
a pension under a former approved superannuation fund (defined as for the purposes of paragraph 1(1)(b)),
c
a pension under a relevant statutory scheme, as defined in section 611A of ICTA, or a pension scheme treated by the Inland Revenue as if it were such a relevant statutory scheme,
d
an annuity (or pension in the form of income drawdown) under an annuity contract by means of which benefits provided under a pension scheme within paragraph (a), (b) or (c) have been secured,
e
a pension under a scheme or fund mentioned in section 613(4)(b) to (d) of ICTA (Parliamentary pension schemes or funds),
f
an annuity under an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA,
g
an annuity acquired using funds held for the purposes of a personal pension scheme approved under Chapter 4 of Part 14 of ICTA, or
h
a right to make income withdrawals under section 634A of ICTA.
3
But a pension, annuity or right is not a relevant existing pension if entitlement to it was attributable to the death of any person.
4
In the case of a pension within sub-paragraph (2) taking the form of income drawdown, the annual rate at which the pension is payable on 5th April 2006 is the amount which, on that date, is the maximum annual amount that may be drawn down by the individual as income in accordance with the pension scheme or contract concerned.
5
In the case of a right which is a relevant existing pension by virtue of sub-paragraph (2)(h), the annual rate at which the pension is payable on 5th April 2006 is the maximum amount of income withdrawals that may be made by the individual in the period of 12 months referred to in section 634A(4) of ICTA during which 5th April 2006 falls.
11
1
This paragraph applies where—
a
paragraph 7 applies in relation to an individual, and
b
on or after 6th April 2006, the rights of the individual under a relevant pension arrangement (see paragraph 8(2)) relating to the individual are reduced by becoming subject to a pension debit.
2
The primary protection factor (see paragraph 7(5)) is to be recalculated.
3
The recalculation involves reducing RR (see paragraph 7(5)) by the amount by which the individual’s rights are reduced and arriving at a revised primary protection factor.
4
The revised primary protection factor operates in relation to any relevant benefit crystallisation event occurring in relation to the individual after the time when the individual’s rights are reduced by becoming subject to the pension debit.
5
In this paragraph “
relevant benefit crystallisation event
” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).
11A
1
This paragraph applies where—
a
paragraph 7
applies
in relation to an individual immediately before the individual's death (and any calculation required by paragraph 11 does not mean that there is then no longer a primary protection factor),
b
a person is paid a defined benefits lump sum death benefit or an uncrystallised funds lump sum death benefit in respect of the individual, and
c
notice of intention to rely on this paragraph is given to an officer of Revenue and Customs by that person in accordance with regulations made by the Commissioners for Her Majesty's Revenue and Customs.
2
If the value of the individual's pre-commencement rights to death benefits (see paragraphs 11B to 11D) exceeds RR (as adjusted under paragraph 11, where that paragraph applies), the primary protection factor is to be recalculated.
3
The re-calculation involves taking RR to be the value of the individual's pre-commencement rights to death benefits and arriving at a revised primary protection factor.
4
The revised primary protection factor operates in relation to—
a
the
relevant benefit crystallisation event
consisting of the payment of the lump sum death benefit, and
b
any other
relevant benefit crystallisation event
consisting of the payment of a lump sum death benefit in respect of the individual.
5
In this paragraph “
relevant benefit crystallisation event
” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).
11B
1
This paragraph and paragraphs 11C and 11D specify the value of the individual's pre-commencement rights to death benefits.
2
Subject to paragraphs 11C and 11D, the value of the individual's pre-commencement rights to death benefits is the aggregate of the maximum amounts that could have been paid—
a
in respect of the individual as uncrystallised rights lump sum death benefits, and
b
under relevant pension arrangements relating to the individual,
if the individual had died on 5th April 2006.
3
Lump sum death benefits are “uncrystallised rights lump sum death benefits” if they are attributable to rights in respect of which the individual had not, on 5th April 2006, become entitled to the present payment of benefits.
4
An arrangement is a “relevant pension arrangement” if it is an arrangement under a pension scheme within paragraph 1(1).
11C
1
In arriving at the aggregate mentioned in paragraph 11B(2) the following amounts are to be left out of account—
a
in the case of any lump sum death benefit which could have been paid under a pension scheme in the case of which approval could have been withdrawn under section 591B, 620(7) or 650 of
ICTA
, any amount in excess of the permitted limit (see sub-paragraph (2)), and
b
in the case of any lump sum death benefit which could have been paid under an arrangement in the case of which rights to such a benefit are commuted into prospective rights to receive dependants' pensions, any dependants' pension proportion amount (see sub-paragraphs (3) and (4)).
2
An “amount in excess of the permitted limit” is so much (if any) of the maximum amount of any lump sum death benefit as could not have been paid without having given grounds for withdrawing approval of the pension scheme under section 591B, 620(7) or 650 of ICTA.
3
A “dependants' pension proportion amount” is so much (if any) of the maximum amount of any lump sum death benefit which could have been paid under the arrangement as is the dependants' pension proportion of the lump sum death benefit.
4
The dependants' pension proportion is—
(UTA - TA)/UTA
where—
TA
is the amount which, at the time when a defined benefits lump sum death benefit or uncrystallised funds lump sum death benefit is first paid in respect of the individual, is the aggregate of the maximum amounts of any defined benefits lump sum death benefits or uncrystallised funds lump sum death benefits which could be paid under the arrangement in respect of the individual, and
UTA is what
TA
would be if no prospective rights to the payment of any of those lump sum death benefits had been commuted into prospective rights to receive dependants' pensions.
11D
1
Sub-paragraph (2) applies where any of the lump sum death benefits mentioned in sub-paragraph (2) of paragraph 11B would have been payable under a policy of life insurance held for the purposes of a pension scheme and on 5th April 2006 the pension scheme either—
a
was not an occupational pension scheme, or
b
was an occupational pension scheme with fewer than 20 members.
2
The lump sum death benefit is only to be taken into account in arriving at the aggregate mentioned in that sub-paragraph if—
a
a sum was paid under the policy when the individual actually died, and
b
the terms of the policy had not been varied significantly during the period beginning with 5th April 2006 and ending with the death;
and any exercise of rights conferred by the policy is to be regarded for this purpose as a variation.
2A
A variation of the terms of a policy of life insurance made in order to comply with
Part 5 of the Equality Act 2010, so far as relating to age, or the
Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing
those Regulations.
) is to be ignored for the purposes of sub-paragraph (2).
2B
Where a policy of life insurance held on 5th April 2006 for the purposes of an occupational pension scheme is surrendered and a new one is taken out—
a
as part of a retirement-benefit activities compliance exercise, or
b
to comply with the
Part 5 of the Equality Act 2010, so far as relating to age, or the
Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing
those Regulations.
),
the new policy is to be treated for the purposes of sub-paragraph (2) as if it were the same as the old.
2C
For this purpose a policy of life insurance is surrendered and a new one is taken out as part of a retirement-benefit activities compliance exercise if—
a
the surrender of the old policy and taking out of the new policy constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and
b
the rights under the old policy and the new policy are not significantly different.
3
Sub-paragraph (4) applies where any of the lump sum death benefits mentioned in sub-paragraph (2) of paragraph 11B would have been payable under an occupational pension scheme.
4
The lump sum death benefit is only to be taken into account in arriving at the aggregate mentioned in that sub-paragraph if—
a
the individual was employed by a person on 5th April 2006 and continued to be employed by that person or a person connected with that person until the time when the individual died,
b
that person was a sponsoring employer in relation to the pension scheme on 5th April 2006, and
c
the individual had not become entitled to the present payment of benefits in respect of rights under the pension scheme before the time when the individual died.
5
For the purposes of this paragraph whether a person is connected with another person is determined in accordance with section 993 of ITA 2007.

“Enhanced protection”
12
1
This paragraph applies on and after 6th April 2006 in the case of an individual who has one or more relevant existing arrangements if notice of intention to rely on it is given to the Inland Revenue in accordance with regulations made by the Board of Inland Revenue.
2
But this paragraph ceases to apply if the notice under sub-paragraph (1) is given on or after 15 March 2023 and—
a
relevant benefit accrual occurs under the arrangement, or any of the arrangements (see paragraph 13),
aa
there is an impermissible transfer into the arrangement or any of the arrangements (see paragraph 17A),
b
a transfer of sums or assets held for the purposes of, or representing accrued rights under, the arrangement or any of the arrangements is made that is not a permitted transfer, or
c
an arrangement relating to the individual is made under a registered pension scheme otherwise than in permitted circumstances.
2A
An arrangement is made in permitted circumstances if it is made—
a
for the purposes of a permitted transfer,
b
as part of a retirement-benefit activities compliance exercise, or
c
as part of an age-equality compliance exercise.
2B
For the purposes of sub-paragraph (2A)(b) an arrangement (“
the new arrangement
”) relating to an individual is made as part of a retirement-benefit activities compliance exercise if—
a
it is made in connection with the cancellation of rights under another arrangement relating to the individual (“the old arrangement”),
b
the old arrangement and the new arrangement relate to the same employment,
c
there is a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both) under both the old arrangement and the new arrangement,
d
the making of the new arrangement and the cancellation of the old arrangement constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme under which the arrangement is made are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and
e
the rights cancelled under the old arrangement and the rights conferred under the new arrangement are not significantly different.
2C
For the purposes of sub-paragraph (2A)(c) an arrangement (“the new arrangement”) is made as part of an age-equality compliance exercise if—
a
it is made in connection with the cancellation of rights under another arrangement relating to the individual (“the old arrangement”),
b
the old arrangement and the new arrangement relate to the same employment,
c
there is a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both) under both the old arrangement and the new arrangement, and
d
the new arrangement is made, and the old arrangement cancelled, in order to comply with the
Part 5 of the Equality Act 2010, so far as relating to age, or the
or Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing
those Regulations
).
3A
Where this paragraph applies in the case of an individual—
a
this Part of this Act, and
b
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes),
have effect in relation to the individual with the modifications specified in paragraph 12A.
3B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3G. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
An individual has a relevant existing arrangement if—
a
before 6th April 2006 an arrangement relating to the individual has been made under a pension scheme within paragraph 1(1), and
b
the pension scheme becomes a registered pension scheme on that date.
5
Notice of intention to rely on this paragraph in relation to the individual may not be given in a case where—
a
the value of the uncrystallised rights of the individual on 5th April 2006 under an arrangement, or
b
the aggregate of the values of the uncrystallised rights of the individual on 5th April 2006 under arrangements,
is arrived at in accordance with paragraph 9(3) unless such rights as, in accordance with regulations made by the Board of Inland Revenue, are to be treated as representing the relevant excess have been surrendered.
6
In sub-paragraph (5) “the relevant excess” means the amount by which the value of—
a
the individual’s uncrystallised rights, or
b
the aggregate of the values of the individual’s uncrystallised rights,
as arrived at in accordance with paragraph 8 exceeds what it would be if arrived at under paragraph 9(3).
7
For the purposes of this paragraph and paragraphs 13 and 15, a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement is a permitted transfer if—
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
the sums or assets . . . are transferred so that sub-paragraph (8) applies in relation to them, and
c
the aggregate of the amount of the sums and the market value of the assets is, applying normal actuarial practice, equivalent before and after the transfer.
8
This sub-paragraph applies in relation to sums or assets held for the purposes of, or representing accrued rights under, the arrangement if—
a
they are transferred so as to become held for the purposes of a money purchase arrangement that is not a cash balance arrangement . . . . . .
b
where the transfer occurs in connection with the winding up of the pension scheme under which the arrangement is made and the arrangement is a cash balance arrangement or a defined benefits arrangement, they are transferred so as to become held for the purposes of, or to represent rights under, a cash balance arrangement or defined benefits arrangement relating to the same employment as the arrangement and made under a registered pension scheme or recognised overseas pension scheme.
c
where the arrangement is a cash balance arrangement or a defined benefits arrangement relating to a present or former employment, they are transferred in connection with a relevant business transfer so as to become held for the purposes of, or to represent rights under, a cash balance arrangement or defined benefits arrangement made under a registered pension scheme or recognised overseas pension scheme, or
d
where the arrangement (“the old arrangement”) is a cash balance arrangement or a defined benefits arrangement, they are transferred as part of a retirement-benefit activities compliance exercise so as to become held for the purposes of, or to represent rights under, a cash balance arrangement or defined benefits arrangement (“
the new arrangement
”) relating to the same employment as the old arrangement and made under a registered pension scheme or recognised overseas pension scheme.
8A
For the purposes of sub-paragraph (8)(c) “
relevant business transfer
” means a transfer of an undertaking or a business (or part of an undertaking or a business) from one person to another—
a
which involves the transfer of at least 20 employees, and
b
in the case of which, if the transferor and the transferee are bodies corporate, they would not be treated as members of the same group for the purposes of
Part 5 of the Corporation Tax Act 2010
.
8B
For the purposes of sub-paragraph (8)(d) sums or assets held for the purposes of, or representing accrued rights under, the old arrangement are transferred as part of a retirement-benefit activities compliance exercise if—
a
there is a prospective entitlement to pension death benefits within section 167(1) or lump sum death benefits within section 168(1) (or both) under both the old arrangement and the new arrangement, and
b
the transfer constitutes or forms part of a transaction the purpose of which is to secure that the activities of the pension scheme under which the old arrangement was made are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005.
9
Where there is a permitted transfer—
a
if the transfer is a permitted transfer by virtue of sub-paragraph (8)(a), this paragraph (and paragraphs 13 , 14 and 17A(1) and (2)) apply in relation to the arrangement . . . to which the transfer is made, and
b
if the transfer is a permitted transfer by virtue of sub-paragraph (8)(b) or (d), this paragraph (and paragraphs 13 , 15 and 17A(3)to 17) apply as if the arrangement to which the transfer is made were the same as that from which it is made, and
c
if the transfer is a permitted transfer by virtue of sub-paragraph (8)(c), this paragraph (and paragraphs 13, 15 to 17 and 17A(3)) apply as if the arrangement to which the transfer is made were the same as that from which it is made and (if the employment is transferred) as if the employment with the transferee were the employment with the transferor.
10
The Treasury may by order amend sub-paragraph (8) (and make other amendments consequential on any amendment of that sub-paragraph).
12A
1
The following provisions of this paragraph specify the modifications of this Part of this Act, and of Chapter 15A of Part 9 of ITEPA 2003, that apply in accordance with paragraph 12(3A) (modifications applying in relation to individual with enhanced protection).
2
Schedule 29 (authorised lump sums) has effect as if—
a
in paragraph 2 (pension commencement lump sums: definition of “permitted maximum”)—
i
the existing text became sub-paragraph (1);
ii
in that sub-paragraph, paragraph (c) were omitted;
iii
after that sub-paragraph there were inserted—
2
In the case of an individual who has previously become entitled to a serious ill-health lump sum under the arrangement under which the entitlement to the lump sum arises—
a
sub-paragraph (1) does not apply, and
b
in paragraph 1 “
the permitted maximum
”, in relation to a lump sum, is nil.”
;
b
in paragraph 4A (uncrystallised funds pension lump sum), after sub-paragraph (1) there were inserted—
1A
But a lump sum is not an uncrystallised funds pension lump sum if the lump sum condition (see paragraphs 24(2) and (3), 25 and 26 of Schedule 36) is met in relation to the member.
3
Chapter 15A of Part 9 of ITEPA 2003 has effect as if—
a
in section 637C (serious ill-health lump sums), in subsection (3), for the words from “so much of” to the end there were substituted
“the maximum amount of a serious ill-health lump sum that could have been paid to the member on 5th April 2024 under the arrangement under which the entitlement to the lump sum arises”
;
b
in section 637D (uncrystallised funds pension lump sums)—
i
in subsection (3), for paragraph (b) there were substituted—
b
the maximum amount of an uncrystallised funds pension lump sum that could have been paid to the member with no liability to income tax on 5th April 2024 under the arrangement under which the entitlement to the lump sum arises.
;
ii
after that subsection there were inserted—
4
In the case of an individual who has previously become entitled to a serious ill-health lump sum under the arrangement under which the entitlement to the lump sum arises—
a
subsection (3) does not apply, and
b
in subsection (2) “
the permitted maximum
”, in relation to an uncrystallised funds pension lump sum paid to a member, is nil.”
;
c
in section 637H (defined benefits lump sum death benefits), in subsection (7), for the definition of “the permitted maximum” there were substituted—
- “
the permitted maximum
”, in relation to a defined benefits lump sum death benefit paid in respect of a member, means—
  1. the maximum amount of a defined benefits lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less
  2. the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,
or, if that produces a negative result, nil.
;
d
in section 637I (pension protection lump sum death benefits), in subsection (5), for the definition of “the permitted maximum” there were substituted—
- “
the permitted maximum
”, in relation to a pension protection lump sum death benefit paid in respect of a member, means—
  1. the maximum amount of a pension protection lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less
  2. the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,
or, if that produces a negative result, nil.
;
e
in section 637J (uncrystallised funds lump sum death benefits), in subsection (7), for the definition of “the permitted maximum” there were substituted—
- “
the permitted maximum
”, in relation to an uncrystallised funds lump sum death benefit paid in respect of a member, means—
  1. the maximum amount of an uncrystallised funds lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less
  2. the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,
or, if that produces a negative result, nil.
;
f
in section 637K (annuity protection lump sum death benefits), in subsection (5), for the definition of “the permitted maximum” there were substituted—
- “
the permitted maximum
”, in relation to an annuity protection lump sum death benefit paid in respect of a member, means—
  1. the maximum amount of an annuity protection lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less
  2. the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,
or, if that produces a negative result, nil.
;
g
in section 637L (drawdown pension fund lump sum death benefits), in subsection (8), for the definition of “the permitted maximum” there were substituted—
- “
the permitted maximum
”, in relation to a drawdown pension fund lump sum death benefit paid in respect of a member, means—
  1. the maximum amount of a drawdown pension fund lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less
  2. the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,
or, if that produces a negative result, nil.
;
h
in section 637M (flexi-access drawdown lump sum death benefits), in subsection (8), for the definition of “the permitted maximum” there were substituted—
- “
the permitted maximum
”, in relation to a flexi-access drawdown lump sum death benefit paid in respect of a member, means—
  1. the maximum amount of a flexi-access drawdown lump sum death benefit that could have been paid in respect of the member on 5th April 2024 under the arrangement under which the lump sum is paid, less
  2. the aggregate of each non-taxable amount (if any) in relation to each relevant lump sum death benefit (if any) previously paid in respect of the member in the post-5th April 2024 period under that arrangement,
or, if that produces a negative result, nil.
;
i
in section 637P (individual’s lump sum allowance), for “£268,275” there were substituted
“£375,000”
;
j
in section 637R (individual’s lump sum and death benefit allowance)—
i
the existing text became subsection (1);
ii
in that subsection, for “£1,073,100” there were substituted
“an amount equal to the value of the individual’s uncrystallised rights on 5 April 2024”
;
iii
after that subsection there were inserted—
2
In this section “
uncrystallised rights
” has the same meaning as in section 212 of FA 2004; and the value for the purposes of this section of any uncrystallised rights is to be calculated in accordance with that section.
;
k
after section 637T (section 637S: multiple lump sum death benefits paid) there were inserted—

Interpretation of Chapter
637U
1
A reference in this Chapter to the maximum amount of a lump sum that “could have been paid” on 5th April 2024, in the case of—
a
a serious ill-health lump sum paid under a defined benefits arrangement, or
b
a lump sum death benefit of any description paid under such an arrangement,
is a reference to an amount equal to the appropriate limit in relation to becoming entitled to a lump sum of that description on that date, determined under paragraph 15(4) of Schedule 36 to FA 2004.
2
For the purposes of this Chapter, the maximum amount of a lump sum of any description that “could have been paid” on 5th April 2024 is to be determined on the assumption that any condition required to be met before such a payment could be made was met.
3
In the definitions of “the permitted maximum” in sections 637H, 637I, 637J, 637K, 637L and 637M, and in this section—
a
“
relevant lump sum death benefit
” has the meaning given by section 637S(2)(c);
b
“
non-taxable amount
”, in relation to the payment of a relevant lump sum death benefit, has the meaning given by section 637S(6);
c
“
the post-5th April 2024 period
”, in relation to a lump sum, means the period beginning with 6 April 2024 and ending with the date on which the lump sum is paid.
4
Subsections
(5)
and
(6)
apply where—
a
it is necessary to determine for the purposes of any provision of this Chapter “
the permitted maximum
” in relation to a lump sum of any description paid after 5th April 2024 under an arrangement (“the paying arrangement”) under a registered pension scheme, and
b
as a result of one or more recognised transfers made in the post-5th April 2024 period, any of the sums and assets applied for the provision of the lump sum were, at any time before the payment of the lump sum, held for the purposes of another arrangement (“a predecessor arrangement”) under a different registered pension scheme.
5
A reference to the maximum amount of a lump sum of any description that could have been paid on 5th April 2024 under the paying arrangement, so far as the lump sum paid is referable to sums and assets that were held on that date for the purposes of a predecessor arrangement, is a reference to the maximum amount of a lump sum of that description that could have been paid on that date under that predecessor arrangement, had those sums and assets (and only those sums and assets) been applied for the provision of the lump sum.
6
A reference to a relevant benefit crystallisation event occurring under the paying arrangement before the date on which the lump sum is paid includes a reference to a relevant benefit crystallisation event occurring under a predecessor arrangement, so far as the relevant benefit crystallisation event is referable to sums and assets applied for the provision of the lump sum.
7
In this section a reference to a lump sum includes a lump sum death benefit.
.
13
Relevant benefit accrual occurs in relation to an individual under an arrangement—
a
in the case of a money purchase arrangement that is not a cash balance arrangement, if a relevant contribution is paid under the arrangement or, where the arrangement has been a hybrid arrangement, if a relevant contribution was so paid at any time after 5th April 2006, (see paragraph 14), and
b
in the case of a cash balance arrangement or defined benefits arrangement, if, when the individual becomes entitled to any pension or lump sum or a transfer that is a permitted transfer by virtue of paragraph 12(8)(a) (a “relevant event”) occurs in relation to the individual and the arrangement, the relevant crystallised amount exceeds the appropriate limit (see paragraph 15).
14
1
For the purposes of paragraph 13(a) a relevant contribution is paid under the arrangement if—
a
a relievable pension contribution is paid by or on behalf of the individual under the arrangement,
b
a contribution is paid in respect of the individual under the arrangement by an employer of the individual, or
c
a contribution paid otherwise than by or on behalf of the individual or by an employer of the individual in respect of the individual subsequently becomes held for the purposes of the provision under the arrangement of benefits to or in respect of the individual.
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
A contribution is not a relevant contribution for the purposes of paragraph 13(a) if—
a
it may only be applied for or towards the payment of premiums under a policy of insurance on the life of the individual,
b
the policy is issued, or issued in respect of insurances made, before 6th April 2006,
c
there is no right to surrender any rights under the policy,
d
the terms of the policy are not varied significantly during the period beginning with 6th April 2006 and ending with the individual's actual death so as to increase the benefits payable under the policy or extend the period during which benefits are so payable, and
e
no benefits are paid, or other payments made, under (or on the surrender of rights under) the policy except by reason of the individual's death;
and any exercise of rights conferred by the policy is to be regarded for this purpose as a variation.
3A
A variation of the terms of a policy made in order to comply with the
Part 5 of the Equality Act 2010, so far as relating to age, or the
Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing
those Regulations
) is to be ignored for the purposes of sub-paragraph (3).
3B
Where a policy of insurance on the life of the individual issued, or issued in respect of insurances made, before 6th April 2006 is surrendered and a new one is taken out—
a
as part of a retirement-benefit activities compliance exercise, or
b
as part of an age-equality compliance exercise.
the new policy is to be treated for the purposes of sub-paragraph (3) as if it were the same as the old.
3C
For the purposes of sub-paragraph (3B)(a) a policy is surrendered, and a new policy of life insurance is taken out, as part of a retirement-benefit activities compliance exercise if—
a
the surrender of the old policy and the taking out of the new policy constitute or form part of a transaction the purpose of which is to secure that the activities of the pension scheme under which the arrangement is made are limited to retirement-benefit activities within the meaning of section 255 of the Pensions Act 2004 or Article 232 of the Pensions (Northern Ireland) Order 2005, and
b
the rights under the old policy and the new policy are not significantly different.
3D
For the purposes of sub-paragraph (3B)(b) a policy is surrendered, and a new policy of life insurance is taken out, as part of an age-equality compliance exercise if—
a
the old policy is surrendered, and the new policy is taken out, in order to comply with
Part 5 of the Equality Act 2010, so far as relating to age, or the
or Employment Equality (Age) Regulations (Northern Ireland) 2006 (or any regulations amending or replacing
those Regulations
), and
b
any significant difference between the rights under the old policy and the rights under the new policy is attributable to the need to comply with those Regulations (or any regulations amending or replacing them).
4
A contribution is not a relevant contribution for the purposes of paragraph 13(a) if it is paid—
a
by a sponsoring employer,
b
under a relevant hybrid arrangement, and
c
solely in respect of the provision in respect of the individual of lump sum death benefits which are defined benefits or cash balance benefits.
5
A “relevant hybrid arrangement” is a hybrid arrangement under an occupational pension scheme—
a
which subsequently becomes a money purchase arrangement that is not a cash balance arrangement, and
b
under which lump sum death benefits would have been payable in respect of the individual if the individual had died on 5th April 2006.
15
1
For the purposes of paragraph 13(b) “the relevant crystallised amount”is—
a
if the relevant event is the first relevant event occurring in relation to the individual and to the arrangement or any other cash balance arrangement or defined benefits arrangement related to the arrangement (“the first relevant event”), the amount crystallised by that event, and
b
otherwise, the aggregate of the amount crystallised by the relevant event and the amount crystallised by the relevant event, or by each of the relevant events, which has or have previously occurred in relation to the individual and to the arrangement or any other cash balance arrangement or defined benefits arrangement related to the arrangement.
2
If the relevant event is a relevant permitted transfer ..., sub-paragraph (1) applies as if the amount crystallised by the event were the aggregate of—
a
the amount of any sums held for the purposes of, or representing accrued rights under, the arrangement which are transferred, and
b
the market value of any assets held for the purposes of, or representing accrued rights under, the arrangement which are transferred.
2A
In sub-paragraph (2) “
relevant permitted transfer
” means a permitted transfer that is not a transfer of sums or assets held for the purposes of, or representing accrued rights under, any of the relevant pension schemes so as to become held for the purposes of, or to represent rights under, a qualifying recognised overseas pension scheme in connection with the individual’s membership of that pension scheme.
3
For the purposes of this paragraph (and paragraphs 15A and 16) another arrangement is related to the arrangement if—
a
the other arrangement relates to the individual, and
b
both the arrangement and the other arrangement relate to the same employment;
and whether an arrangement relates to an employment is to be determined in accordance with paragraph 9(6).
4
For the purposes of paragraph 13(b) “the appropriate limit”, in relation to a relevant event, is (subject to paragraph 15A) the greater of—
a
the value of the individual’s rights on 5th April 2006 under the arrangement, or (where there is or are one or more other cash balance arrangements or defined benefits arrangements related to the arrangement) the aggregate of the value of the individual’s rights under the arrangement and the other arrangement or arrangements, arrived at in accordance with paragraphs 8 and 9, as increased by the relevant indexation percentage (see sub-paragraph (5)), and
b
what would be the value of those rights, so arrived at, on the assumptions specified in sub-paragraph (6).
5
For the purposes of sub-paragraph (4)(a) and paragraph 15A(2)(a) “the relevant indexation percentage”, in relation to a relevant event, means whichever is the greatest of—
a
the percentage by which an amount would be increased if it were increased for the period beginning with 6th April 2006 and ending with the date on which the relevant event occurs at an annual rate of 5%,
b
the percentage by which an amount would be increased if it were increased for that period at an annual percentage rate referred to in regulations made by the Board of Inland Revenue, and
c
the percentage by which the retail prices index for the month in which the relevant event occurs is higher than that for April 2006.
6
The assumptions referred to in sub-paragraph (4)(b) and paragraph 15A(2)(b) are—
a
that the individual’s age on 5th April 2006 were what it is at the time of the first relevant event (so that neither paragraph 8(6) nor section 277(a) applies in arriving at what would be the value of the rights under paragraph 8), and
b
that the amount of the earnings which would have fallen to be taken into account under the arrangement for calculating the amount of benefits payable to or in respect of the individual (if the individual became entitled to the present payment of benefits in respect of the rights under the arrangement on that date) were the lesser of the two amounts specified in sub-paragraph (7).
7
The amounts referred to in sub-paragraph (6)(b) are—
a
the current amount of the relevant pensionable earnings immediately before the first relevant event, and
b
the post-commencement earnings limit (see paragraphs 16 and 17).
8
But sub-paragraph (6)(b) applies in relation to an arrangement under a pension scheme within paragraph 1(1)(c) or (e) as if for “the lesser of the two amounts specified in sub-paragraph (7)” there were substituted “ the amount specified in sub-paragraph (7)(a) ”.
9
In this paragraph “the relevant pensionable earnings” means the description of earnings (or the portion of the description of earnings) of the individual by reference to which the amount of benefits payable to or in respect of the individual would have fallen to be calculated if the individual became entitled to the present payment of benefits in respect of the rights under the arrangement on 5th April 2006.
10
For the purposes of sub-paragraph (7)(a) “the current amount”of the relevant pensionable earnings immediately before the first relevant event is the amount of the relevant pensionable earnings which, at that time, would fall to be taken into account in calculating the amount of benefits payable to or in respect of the individual under the arrangement if the individual became entitled to the present payment of benefits at that time (but subject to sub-paragraph (11)).
11
If at that time the individual is absent from work in connection with pregnancy, maternity, paternity or adoption, the current amount of the relevant pensionable earnings at that time includes what would be likely to be included in that amount if the individual were not so absent.
15A
1
This paragraph applies where—
a
a person is paid a defined benefits lump sum death benefit or an uncrystallised funds lump sum death benefit in respect of the individual under the arrangement, and
b
notice of intention to rely on this paragraph is given to an officer of Revenue and Customs by that person in accordance with regulations made by the Commissioners for Her Majesty's Revenue and Customs.
2
For the purposes of paragraph 13(b), if the amount yielded by sub-paragraph (3) is greater than what would otherwise be the appropriate limit in relation to a relevant event which consists of—
a
the payment of the lump sum death benefit, or
b
the payment of any other lump sum death benefit in respect of the individual under the arrangement or another cash balance arrangement or defined benefits arrangement related to the arrangement,
that greater amount is the appropriate limit in relation to such a relevant event.
3
The amount yielded by this sub-paragraph is the greater of—
a
the value of the individual's pre-commencement rights to death benefits, as increased by the relevant indexation percentage (see sub-paragraph (5) of paragraph 15), or
b
what would be the value of the individual's pre-commencement rights to death benefits on the assumptions specified in sub-paragraph (6) of that paragraph (but subject to the modifications in sub-paragraph (7) of this paragraph).
4
The value of the individual's pre-commencement rights to death benefits is the aggregate of the maximum amounts that could have been paid in respect of the individual as uncrystallised rights lump sum death benefits under—
a
the arrangement, or
b
any other cash balance arrangement or defined benefits arrangement related to the arrangement,
if the individual had died on 5th April 2006.
5
Lump sum death benefits are “uncrystallised rights lump sum death benefits” if they are attributable to rights in respect of which the individual had not, on 5th April 2006, become entitled to the present payment of benefits.
6
Paragraphs 11C and 11D apply in arriving at the aggregate mentioned in sub-paragraph (4) as in arriving at that mentioned in paragraph 11B(2) but as if—
a
each of the references to paragraph 11B(2) were to sub-paragraph (4) of this paragraph, and
b
in paragraph 11D(1), for “of a pension scheme” there were substituted
“ of any arrangement within paragraph 15A(4) under a pension scheme ”
.
7
In their operation for the purposes of this paragraph sub-paragraphs (6) to (11) of paragraph 15 have effect as if—
a
for the references in sub-paragraphs (6)(a) and (7)(a) and (10) to the time of the first relevant event there were substituted a reference to the time immediately before the individual's death, and
b
the words in parentheses in sub-paragraph (6)(a) were omitted.
16
1
This paragraph specifies the post-commencement earnings limit if the individual was on 5th April 2006 a person in relation to whom—
a
section 590C of
ICTA
or paragraph 20 of Schedule 6 to FA 1989 (earnings cap) had effect, or
b
provision similar to section 590C of
ICTA
had effect by virtue of conditions imposed under section 591 of that Act (discretionary approval),
in relation to any pension scheme under which the arrangement or any other arrangement related to the arrangement was made.
2
The post-commencement earnings limit is the lesser of amount A and amount B.
3
Amount A is £135,000.
4
Amount B is the amount of the individual’s employment income from the employment to which the arrangement relates for the best period of 12 months during the appropriate three year period.
5
The appropriate three year period is the period of three years ending with the earliest of—
a
the first relevant event,
b
the individual leaving the employment to which the arrangement relates, and
c
the individual's death.
5A
Where the appropriate three year period ends otherwise than with the first relevant event, Amount B is what it would be apart from this sub-paragraph increased by whichever is the greatest of—
a
the percentage by which an amount would be increased if it were increased for the period beginning with the date on which it ends and ending with the date on which the relevant event occurs at an annual rate of 5%,
b
the percentage by which an amount would be increased if it were increased for that period at an annual percentage rate referred to in regulations made by the Board of Inland Revenue, or
c
the percentage by which the retail prices index for the month in which the first relevant event occurs is higher than that for the month in which the appropriate period ends.
6
A period of 12 months during the appropriate three year period is the best period of 12 months during the appropriate three year period if the amount of the individual’s employment income from the employment to which the arrangement relates is greater for that period of 12 months than for any other period of 12 months during the appropriate three year period.
7
For the purposes of this paragraph and paragraph 17 the amount of the individual’s employment income includes, in relation to any time when the individual is absent from work in connection with pregnancy, maternity, paternity or adoption, what would be likely to be included in that amount if the individual were not so absent.
17
1
This paragraph specifies the post-commencement earnings limit in any other case.
2
The post-commencement earnings limit is—
a
if amount B is not greater than amount A, amount B, and
b
otherwise, amount C.
3
Amount A and amount B have the same meanings as in paragraph 16.
4
Amount C is the greater of—
a
amount A, and
b
amount D.
5
Amount D is—
ETY/3
where ETY is the amount of the individual’s employment income from the employment to which the arrangement relates for the appropriate three year period (within the meaning of paragraph 16).
6
Where the appropriate three year period ends otherwise than with the first relevant event, Amount D is what it would be apart from this sub-paragraph increased by whichever is the greatest of—
a
the percentage by which an amount would be increased if it were increased for the period beginning with the date on which it ends and ending with the date on which the relevant event occurs at an annual rate of 5%,
b
the percentage by which an amount would be increased if it were increased for that period at an annual percentage rate referred to in regulations made by the Board of Inland Revenue, or
c
the percentage by which the retail prices index for the month in which the first relevant event occurs is higher than that for the month in which the appropriate period ends.
17A
1
There is an impermissible transfer into a relevant existing arrangement relating to an individual under a pension scheme in a case where the relevant existing arrangement is a money purchase arrangement that is not a cash balance arrangement if—
a
sums or assets held for the purposes of, or representing rights under, an arrangement relating otherwise than to the individual are transferred so as to become held for the purposes of the relevant existing arrangement, otherwise than pursuant to a pension sharing order or provision,
or
b
sums or assets which are neither held for the purposes of, nor represent rights under, a pension scheme are so transferred, ...
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Sub-paragraph (1) applies where the relevant existing arrangement has been a hybrid arrangement as if the references to sums or assets being transferred
... were to transfer or payment at any time after 5th April 2006.
3
There is an impermissible transfer into a relevant existing arrangement relating to an individual under a pension scheme in a case where the relevant existing arrangement is a cash balance arrangement or a defined benefits arrangement if it becomes a money purchase arrangement that is not a cash balance arrangement.

Pre-commencement pension credits
18
1
This paragraph applies in the case of an individual where—
a
before 6th April 2006, the individual has acquired rights under a pension scheme within paragraph 1(1) by virtue of having become entitled to a pension credit,
b
notice of intention to rely on this paragraph is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs, and
c
paragraph 7 (primary protection) does not apply in relation to the individual.
2
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
a
the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—
i
an amount equal to £268,275 increased by the pre-commencement pension credit factor determined under sub-paragraph (5), and
ii
£375,000, and
b
the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).
3
For the purposes of paragraph 20H a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (6) of this paragraph, operates in relation to the individual.
4
The lump sum and death benefit allowance enhancement factor is the pre-commencement pension credit factor calculated under sub-paragraph (5).
5
The pre-commencement pension credit factor is—
A/(£ 1, 500, 000)
where A is the amount which is the appropriate amount for the purposes of section 29(1) of WRPA 1999 or Article 26(1) of WRP(NI)O 1999 in relation to the pension credit, as increased by the percentage specified in sub-paragraph (6).
6
The percentage is the percentage by which the retail prices index for April 2006 is greater than that for the month in which the rights were acquired.
7
Where this paragraph applies in the case of an individual, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if
... the amount given by the formula in sub-paragraph (8) is less than 25% of the lump sum.
8
The formula is—
(A - B)/4
where—
- A is—
  1. in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (see paragraph 6A(4));
  2. in any other case, £1,073,100;
- B is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid.

Individuals permitted to take pension before normal minimum pension age
19
1
This paragraph applies where a relevant benefit crystallisation event occurs in relation to an individual who is a member of a registered pension scheme—
a
in protected circumstances, and
b
before the individual reaches normal minimum pension age.
1A
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual with the modifications in sub-paragraphs (1B) and (2).
1B
Where the relevant benefit crystallisation event is the individual becoming entitled to a pension commencement lump sum, section 637P of ITEPA 2003 (individual’s lump sum allowance) applies as if the amount specified in that section were
the amount determined under sub-paragraph (1C)
reduced by the relevant percentage (see sub-paragraph (4).
1C
That amount is the amount —
a
£268,275, or
b
in a case where, disregarding sub-paragraph (1B), section 637P of ITEPA 2003 (individual’s lump sum allowance) would apply in relation to the individual as if it specified another amount, that amount.”
2
Section
637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) applies as if the amount specified in that section were the amount determined under sub-paragraph (2A) reduced by the relevant percentage (see sub-paragraph (4).
2A
That amount is—
a
£1,073,100, or
b
in a case where, disregarding sub-paragraph (2), section 637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) would apply in relation to the individual as if it specified any other amount, that amount.
3
A relevant benefit crystallisation event occurs in protected circumstances if—
a
paragraph 22 or 23 (right to take pension before normal minimum pension age) applies to the individual and the pension scheme,
b
the individual’s protected pension age (see paragraph 22(8) or 23(8)) is less than 50, and
c
the pension scheme is not prescribed by regulations made by the Board of Inland Revenue.
4
The relevant percentage is—
Y × 2.5
where Y is the number of complete years falling between the date on which the relevant benefit crystallisation event occurs and the date on which the individual will reach normal minimum pension age.
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
In this paragraph “
relevant benefit crystallisation event
” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).

Pre-commencement pensions
20
1
This paragraph makes provision about an individual where—
a
on 5th April 2006, the individual has an actual (rather than a prospective) right to the payment of one or more relevant existing pensions , and
b
during the period beginning on 5th April 2006 and ending on 5th April 2024, no benefit crystallisation event within the meaning of section 216 as that provision had effect at the end of that period has occurred in relation to the individual.
1A
Section 637Q of ITEPA 2003 (availability of individual’s lump sum allowance) applies as if, immediately before the first relevant benefit crystallisation event occurring in relation to the individual on or after 6th April 2024—
a
a relevant benefit crystallisation event within the meaning of that section had occurred in relation to the individual, and
b
the
non-taxable amount in relation to the relevant crystallisation event
was an amount equal to 25% of the value of the individual’s pre-commencement pension rights immediately before the relevant benefit crystallisation event.
2
Section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) applies as if, immediately before the first relevant benefit crystallisation event occurring in relation to the individual—
a
a relevant benefit crystallisation event within the meaning of that section had occurred in relation to the individual, and
b
the non-taxable amount in relation to the relevant crystallisation event was 25% of the value of the individual’s pre-commencement pension rights immediately before the relevant benefit crystallisation event.
2A
Section 244IC (availability of member’s overseas transfer allowance) applies as if, immediately before the first transfer of the kind mentioned in section 244IA(1)(a) made in relation to the member on or after 6th April 2024—
a
a transfer of that kind had been made in relation to the member, and
b
the transferred value of the transfer was an amount equal to 25% of the value of the member’s pre-commencement pension rights immediately before the transfer.
3
The value of the individual’s pre-commencement pension rights at any time is—
25 × ARP
where (subject to sub-paragraph (4)) ARP is an amount equal to—
(a) the annual rate at which the relevant existing pension is payable to the individual at that time, or
(b) if more than one relevant existing pension is payable to the individual at that time, the aggregate of the annual rates at which each of the relevant existing pensions is so payable.
4
In the case of drawdown pension, ARP is—
a
80% of
the maximum amount that may be paid in the drawdown pension year in which the time falls in accordance with pension rule 5 (see section 165), or
b
in the case of an arrangement to which subsection (3A) of section 165
applied at any time before 6 April 2015
,
80% of
the maximum amount that could have been paid in accordance with that rule in the drawdown pension year in which that subsection first applied to the arrangement if it had not so applied.
c
in the case of an arrangement to which section 165(3A) never applied but only if the time falls after the member's drawdown pension fund in respect of the arrangement is converted into the member's flexi-access drawdown fund in respect of the arrangement by the operation of any of paragraphs 8B to 8D of Schedule 28, 80% of the maximum amount that could have been paid in accordance with pension rule 5 in the drawdown pension year in which the conversion occurs had no conversion happened in that year by the operation of any of paragraphs 8B to 8D of Schedule 28.
, or
5
In this paragraph “relevant existing pension” has the same meaning as in paragraph 10(2); and paragraph 10(4) and (5) operates for the purposes of this paragraph for determining the annual rate at which a relevant existing pension is payable at any time (treating the references there to 5th April 2006 as to that time).

Pension credits from previously crystallised rights
20A
1
This paragraph applies
... in relation to an individual where—
a
the individual has (at any time after 5th April 2006 but before 6th April 2024) acquired rights under a registered pension scheme by reason of having become entitled to a pension credit,
b
the pension credit derived from the same or another registered pension scheme,
c
the rights under the registered pension scheme which became subject to the corresponding pension debit consisted of, or included, rights to a post-commencement pension in payment, and
d
notice of intention to rely on this paragraph is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs.
2
“
Post-commencement pension in payment
” means a pension to which a person became entitled on or after 6th April 2006.
3
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under
paragraph 20H
of this Schedule).
3A
For the purposes of
paragraph 20H
, a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (4) to (6) of this paragraph, operates in relation to the individual
.
4
The lump sum and death benefit allowance enhancement factor is the pension credit factor.
5
The pension credit factor is—
A/(S L A)
where—
- A is the post-commencement pension in payment portion of the amount which is the appropriate amount for the purposes of section 29(1) of WRPA 1999 or Article 26(1) of WRP(NI)O 1999 in relation to the pension credit;
- SLA is the standard lifetime allowance for the tax year in which the rights mentioned in sub-paragraph (1)(a) were acquired.
6
The post-commencement pension in payment portion of the appropriate amount referred to in the definition of A—
a
in a case where the appropriate amount is arrived at under section 29(2) or (3)(b) of WRPA 1999 or Article 26(2) or (3)(b) of WRP(NI)O 1999, is so much of that amount as is attributable to rights to a post-commencement pension in payment;
b
in a case where the appropriate amount is arrived at under section 29(3)(a) of WRPA 1999 or Article 26(3)(a) of WRP(NI)O 1999, is so much of that amount as is just and reasonable.
7
In this paragraph and in paragraphs 20B to 20G, “
relevant benefit crystallisation event
” has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance).
8
Where this paragraph applies, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if
... the amount given by the formula in sub-paragraph (9) is less than 25% of the lump sum.
9
The formula is—
(A - B)/4
where—
- A is—
  1. in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (see paragraph 6A(4));
  2. in any other case, £1,073,100;
- B is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid.
10
A reference in this paragraph to the standard lifetime allowance for a tax year is to the standard lifetime allowance as determined under section 218, as it had effect for that tax year.

Non-residence: general
20B
1
This paragraph applies
... in relation to an individual where—
a
during any part of the period that is the active membership period in relation to an arrangement relating to the individual under a registered pension scheme, the individual is a relevant overseas individual, and
b
notice of intention to rely on this paragraph is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs.
2
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under
paragraph 20H
of this Schedule).
2A
For the purposes of
paragraph 20H
, a lump sum and death benefit allowance enhancement factor, determined in accordance with paragraphs 20C and 20D, operates in relation to the individual.
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
For the purposes of this Part an individual is a relevant overseas individual at any time if, at that time, the individual either is not a relevant UK individual or—
a
is a relevant UK individual by virtue only of paragraph (c) of section 189(1) (individuals resident in UK at some time in previous five tax years), and
b
is not employed by a person resident in the United Kingdom.
6
In this paragraph and in paragraphs 20C and 20D “
the active membership period
”, in relation to an arrangement relating to the individual, is the period—
a
beginning with the date on which the benefits first began to accrue to or in respect of the individual under the arrangement or, if later, 6th April 2006, and
b
ending on 5th April 2024.
7
But if benefits ceased to accrue to or in respect of the individual under the arrangement at a time before 5th April 2024, the active membership period is to be treated as having ended at that time.
8
Where this paragraph applies, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if
... the amount given by the formula in sub-paragraph (9) is less than 25% of the lump sum.
9
The formula is—
(A - B)/4
where—
- A is—
  1. in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (see paragraph 6A(4));
  2. in any other case, £1,073,100;
- B is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid.

Non-residence: determination of lump sum and death benefit allowance enhancement factor (money purchase arrangements)
20C
1
This paragraph contains provision for determining the lump sum and death benefit allowance enhancement factor mentioned in paragraph 20B
(2A)
in the case of an arrangement that is a money purchase arrangement.
2
The lump sum and death benefit allowance enhancement factor is—
a
if the arrangement is a cash balance arrangement, the cash balance arrangement non-residence factor (see sub-paragraphs (3) to (5)), and
b
in any other case, the other money purchase arrangement non-residence factor (see sub-paragraphs (6) and (7)).
3
The cash balance arrangement non-residence factor is—
a
the factor arrived at by the application of sub-paragraph (4) in relation to the part of the active membership period during which the individual was a relevant overseas individual, or
b
if there have been two or more parts of that period during which the individual was a relevant overseas individual, the aggregate of the factors arrived at by the application of sub-paragraph (4) in relation to each of those parts of that period.
4
The factor arrived at by the application of this subsection in relation to any part of the active membership period is—
(A - B)/(£ 1, 000, 000)
where—
- A is the closing value of the individual’s rights under the arrangement;
- B is the opening value of the individual’s rights under the arrangement.
- SLA is the standard lifetime allowance for the tax year in which that part of that period ended.
5
For the purposes of sub-paragraph (4)—
a
the closing value of the individual's rights under the arrangement is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the end of that part of that period, and
b
the opening value of the individual's rights under the arrangement is the amount which would, on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the beginning of that part of that period.
6
The other money purchase arrangement non-residence factor is—
a
the factor arrived at by the application of sub-paragraph (7) in relation to the part of the active membership period during which the individual was a relevant overseas individual, or
b
if there have been two or more parts of that period during which the individual was a relevant overseas individual, the aggregate of the factors arrived at by the application of sub-paragraph (7) in relation to each of those parts of that period.
7
The factor arrived at by the application of this sub-paragraph in relation to any part of the active membership period is—
C/(£ 1, 000, 000)
where C is the amount of the contributions made under the arrangement by or in respect of the individual in any part of the active membership period during which the individual is a relevant overseas individual.
SLA is the standard lifetime allowance for the tax year in which that part of that period ended.
8
A reference in this paragraph to the standard lifetime allowance for a tax year is to the standard lifetime allowance as determined under section 218, as it had effect for that tax year.

Non-residence: determination of lump sum and death benefit allowance enhancement factor (other arrangements)
20D
1
This paragraph contains provision for determining the lump sum and death benefit allowance enhancement factor mentioned in paragraph 20B
(2A)
in the case of an arrangement that is not a money purchase arrangement.
2
The lump sum and death benefit allowance enhancement factor is—
a
if the arrangement is a defined benefits arrangement, the defined benefits arrangement non-residence factor (see sub-paragraphs (3) and (4)), and
b
if the arrangement is a hybrid arrangement, the hybrid arrangement non-residence factor (see sub-paragraphs (5) to (7)).
3
The defined benefits arrangement non-residence factor is—
a
the factor arrived at by the application of sub-paragraph (4) in relation to the part of the active membership period during which the individual was a relevant overseas individual, or
b
if there have been two or more parts of that period during which the individual was a relevant overseas individual, the aggregate of the factors arrived at by the application of sub-paragraph (4) in relation to each of those parts of that period.
4
The factor arrived at by the application of this sub-paragraph in relation to any part of the active membership period is—
((A × B + C) - (A × D + E))/(£ 1, 000, 000)
where—
- A is the relevant valuation factor (see section 276);
- B is the amount of the annual rate of the pension which would, on the valuation assumptions (see section 277), be payable to the individual under the arrangement if the individual became entitled to payment of it at the end of that part of that period;
- C is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement t (otherwise than by commutation of pension) if the individual became entitled to payment of it at the end of that part of that period;
- D is the amount of the annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became entitled to payment of it at the beginning of that part of that period;
- E is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to payment of it at the beginning of that part of that period.
- SLA is the standard lifetime allowance for the tax year in which that part of that period ended.
5
The hybrid arrangement non-residence factor is the greater or greatest of such of—
a
what would be the cash balance arrangement non-residence factor (under section 222) if the arrangement were a cash balance arrangement,
b
what would be the other money purchase arrangement non-residence factor (under that section) if the arrangement were a collective money purchase arrangement,
c
what would be the other money purchase arrangement non-residence factor (under that section) if the arrangement were a money purchase arrangement other than a cash balance arrangement or a collective money purchase arrangement, and
d
what would be the defined benefits arrangement non-residence factor (under sub-paragraphs (3) and (4)) if the arrangement were a defined benefits arrangement,
as are relevant factors in relation to the arrangement.
6
A factor is a relevant factor in relation to a hybrid arrangement if, in any circumstances, the benefits that may be provided to or in respect of the individual under the arrangement may be benefits linked to that factor.
7
For the purposes of sub-paragraph (6)—
a
cash balance benefits are linked to the cash balance arrangement non-residence factor;
b
other money purchase benefits are linked to the other money purchase arrangement non-residence factor;
c
defined benefits are linked to the defined benefits arrangement non-residence factor.
8
A reference in this paragraph to the standard lifetime allowance for a tax year is to the standard lifetime allowance as determined under section 218, as it had effect for that tax year.

Transfers from recognised overseas pension scheme: general
20E
1
This paragraph applies
... in relation to an individual where—
a
at any time after 5th April 2006 but before 6th April 2024, there has been a recognised overseas scheme transfer, and
b
notice of intention to rely on it is given to His Majesty’s Revenue and Customs in accordance with regulations made by the Commissioners for His Majesty’s Revenue and Customs.
2
There is a “recognised overseas scheme transfer” if any sums or assets—
a
held for the purposes of an arrangement under a recognised overseas pension scheme, or
b
representing accrued rights under such an arrangement,
are transferred so as to become held for the purposes of, or to represent rights under, an arrangement under a registered pension scheme relating to the individual.
3
The arrangement specified in sub-paragraph (2)(a) or (b) is referred to in this paragraph and in paragraphs 20F and 20G as the “recognised overseas scheme arrangement”.
4
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the individual’s enhanced lump sum and death benefit allowance (as determined under paragraph 20H of this Schedule).
4A
For the purposes of paragraph 20H, a lump sum and death benefit allowance enhancement factor, determined in accordance with sub-paragraphs (5) and (6) of this paragraph, operates in relation to the individual.
5
The lump sum and death benefit allowance enhancement factor is the recognised overseas scheme transfer factor.
6
The recognised overseas scheme transfer factor is—
(A - B)/(£ 1, 000, 000)
where—
- A is the aggregate of the amount of any sums transferred, and the market value of any assets transferred, on the recognised overseas scheme transfer;
- B is the relevant relievable amount (see paragraphs 20F and 20G).
- SLA is the standard lifetime allowance for the tax year in which the transfer took place.
7
In this paragraph and in paragraphs 20F and 20G “the overseas arrangement active membership period” is the period—
a
beginning with the date on which the benefits first began to accrue to or in respect of the individual under the recognised overseas scheme arrangement or, if later, 6th April 2006, and
b
ending on 5th April 2024.
8
But if benefits ceased to accrue to or in respect of the individual under the recognised overseas scheme arrangement at a time before 5th April 2024, the overseas arrangement active membership period is to be treated as having ended at that time.
9
Where this paragraph applies, for the purposes of this Part a lump sum is not an uncrystallised funds pension lump sum (see paragraph 4A of Schedule 29) if
... the amount given by the formula in sub-paragraph (10) is less than 25% of the lump sum.
10
The formula is—
(A - B)/4
where—
- A is—
  1. in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance...;
  2. in any other case, £1,073,100;
- B is the amount that would be the previously-used amount within the meaning of section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) if a relevant benefit crystallisation event within the meaning of that section had occurred immediately before the lump sum is paid.
11
A reference in this paragraph to the standard lifetime allowance for a tax year is to the standard lifetime allowance as determined under section 218, as it had effect for that tax year.

Overseas scheme transfers: determination of relevant relievable amount (money purchase arrangements)
20F
1
This paragraph contains provision for determining the relevant relievable amount mentioned in the definition of B in paragraph 20E(6) in the case of a recognised overseas scheme arrangement that was a money purchase arrangement.
2
The relevant relievable amount is—
a
if the recognised overseas scheme arrangement was a cash balance arrangement, the cash balance relevant relievable amount (see sub-paragraphs (3) to (5)), and
b
if the recognised overseas scheme arrangement was any other sort of money purchase arrangement, the other money purchase relevant relievable amount (see sub-paragraphs (6) and (7)).
3
The cash balance relevant relievable amount is—
a
the amount arrived at by the application of sub-paragraph (4) in relation to the part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual, or
b
if there have been two or more parts of that period during which the individual was not a relevant overseas individual, the aggregate of the amounts arrived at by the application of sub-paragraph (4) in relation to each of those parts of that period.
4
The amount arrived at by the application of this subsection in relation to any part of the overseas arrangement active membership period is—
A - B
where—
- A is the closing value of the individual’s rights under the arrangement, and
- B is the opening value of the individual’s rights under the arrangement.
5
For the purposes of sub-paragraph (4)—
a
the closing value of the individual's rights under the recognised overseas scheme arrangement is the amount which would, on the valuation assumptions (see section 277), be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the end of that part of that period, and
b
the opening value of the individual's rights under the arrangement is the amount which would, on the valuation assumptions, be available for the provision of benefits to or in respect of the individual under the arrangement if the individual became entitled to the benefits at the beginning of that part of that period.
6
The other money purchase relevant relievable amount is—
a
the amount arrived at by the application of sub-paragraph (7) in relation to the part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual, or
b
if there have been two or more parts of that period during which the individual was not a relevant overseas individual, the aggregate of the amounts arrived at by the application of sub-paragraph (7) in relation to each of those parts of that period.
7
The amount arrived at by the application of this sub-paragraph in relation to any part of the overseas arrangement active membership period is the amount of the contributions made under the arrangement by or in respect of the individual in any part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual.

Overseas scheme transfers: determination of relevant relievable amount (other arrangements)
20G
1
This paragraph contains provision for determining the relevant relievable amount mentioned in the definition of B in paragraph 20E(6) in the case of a recognised overseas scheme arrangement that was not a money purchase arrangement.
2
The relevant relievable amount is—
a
if the recognised overseas scheme arrangement was a defined benefits arrangement, the defined benefits relevant relievable amount (see sub-paragraphs (3) and (4)), and
b
if the recognised overseas scheme arrangement was a hybrid arrangement, the hybrid relevant relievable amount (see sub-paragraph (5) to (7)).
3
The defined benefits relevant relievable amount is—
a
the amount arrived at by the application of sub-paragraph (4) in relation to the part of the overseas arrangement active membership period during which the individual was not a relevant overseas individual, or
b
if there have been two or more parts of that period during which the individual was not a relevant overseas individual, the aggregate of the amounts arrived at by the application of sub-paragraph (4) in relation to each of those parts of that period.
4
The amount arrived at by the application of this subsection in relation to any part of the overseas arrangement active membership period is—
(A × B + C) - (A × D + E)
where—
- A is the relevant valuation factor (see section 276);
- B is the annual rate of the pension which would, on the valuation assumptions (see section 277), be payable to the individual under the recognised overseas scheme arrangement if the individual became entitled to payment of it at the end of that part of that period;
- C is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to payment of it at the end of that part of that period;
- D is the annual rate of the pension which would, on the valuation assumptions, be payable to the individual under the arrangement if the individual became entitled to payment of it at the beginning of that part of that period;
- E is the amount of the lump sum to which the individual would, on the valuation assumptions, be entitled under the arrangement (otherwise than by commutation of pension) if the individual became entitled to payment of it at the beginning of that part of that period.
5
The hybrid relevant relievable amount is the greater or greatest of such of—
a
what would be the cash balance relevant relievable amount (under section 225) if the recognised overseas scheme arrangement had been a cash balance arrangement,
b
what would be the other money purchase relevant relievable amount (under that section) if that arrangement had been a collective money purchase arrangement,
c
what would be the other money purchase relevant relievable amount (under that section) if that arrangement had been a money purchase arrangement other than a cash balance arrangement or a collective money purchase arrangement, and
d
what would be the defined benefits relevant relievable amount (under sub-paragraph (3) and (4)) if that arrangement had been a defined benefits arrangement,
as are relevant to that arrangement.
6
An amount is relevant to a hybrid arrangement if, in any circumstances, the benefits that may be provided to or in respect of the individual under the arrangement may be benefits linked to that amount.
7
For the purposes of sub-paragraph (6)—
a
cash balance benefits are linked to the cash balance relevant relievable amount;
b
other money purchase benefits are linked to the other money purchase relevant relievable amount;
c
defined benefits are linked to the defined benefits relevant relievable amount.

Individual’s enhanced lump sum and death benefit allowance
20H
1
This paragraph applies for determining the amount of the “enhanced lump sum and death benefit allowance” of an individual in relation to whom one or more lump sum and death benefit allowance enhancement factors operate.
2
The individual’s “enhanced lump sum and death benefit allowance” is—
A + (A × B)
where—
- A is—
  1. in the case of an individual in relation to whom a relevant protection provision applies, the individual’s protected lump sum and death benefit allowance (as defined in that provision);
  2. B is the aggregate of the lump sum and death benefit allowance enhancement factors that operate in relation to the individual.
3
The following provisions are “relevant protection provisions”—
a
paragraph 7 of this Schedule (primary protection);
b
paragraph 14 of Schedule 18 to FA 2011 (fixed protection);
c
paragraph 1 of Schedule 22 to FA 2013 (“fixed protection 2014”);
d
paragraph 1 of Schedule 6 to FA 2014 (“individual protection 2014”);
e
paragraph 1 of Schedule 4 to FA 2016 (“fixed protection 2016”);
f
paragraph 9 of that Schedule (“individual protection 2016”).
4
The following paragraphs of this Schedule make provision for the operation of a lump sum and death benefit allowance enhancement factor in relation to an individual—
a
paragraph 7 (primary protection),
b
paragraph 18 (pre-commencement pension credits),
c
paragraph 20A (pension credits from previously crystallised rights),
d
paragraph 20B (non-residence: general), and
e
paragraph 20E (transfers from recognised overseas pension scheme: general).
Part 3

Pre-commencement benefit rights

Rights to take benefit before normal minimum pension age
21
1
If paragraph 22 , 23 or 23ZB applies in relation to a registered pension scheme and a member of the pension scheme, this Part of this Act (except for section 218(6) and paragraph 19) has effect in relation to the member and the pension scheme as if references to normal minimum pension age were to the member’s protected pension age.
2
Paragraphs 22(8) , 23(8) and 23ZB(7) define the member’s protected pension age.

Protected pension age: scheme rights existing before 6 April 2006
22
1
This paragraph applies in relation to a registered pension scheme and a member of the pension scheme if—
a
the pension scheme is a protected pension scheme, and
b
the retirement condition is met in relation to the member and the pension scheme.
2
A pension scheme is a protected pension scheme if condition A or condition B is met.
3
Condition A is met if—
a
the pension scheme was within any of paragraphs (a) to (e) of paragraph 1(1), and
b
the entitlement condition is met in relation to the member and the pension scheme.
4
The entitlement condition is met in relation to the member and the pension scheme if—
a
on 5th April 2006 the member had an actual or prospective right under the pension scheme to any benefit from an age of less than 55,
b
the rules of the pension scheme on 10th December 2003 included provision conferring such a right on some or all of the persons who were then members of the pension scheme, and
c
such a right either was then conferred on the member or would have been had the member been a member of the scheme on that date.
5
Condition B is met if the member is a member of the pension scheme (“a transferee pension scheme”) as a result of—
a
a block transfer from the pension scheme (“
the original pension scheme
”) in relation to which condition A is met to the transferee pension scheme, or
b
a block transfer to the transferee pension scheme from a pension scheme that was a transferee pension scheme in relation to the original pension scheme by virtue of the previous application of paragraph (a) or the previous application (on one or more occasions) of this paragraph.
6
A transfer is a block transfer if—
a
it involves the transfer in a single transaction of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the pension scheme from which the transfer is made which relate to the member and at least one other member of that pension scheme, and
b
either the member was not a member of the pension scheme to which the transfer is made before the transfer or he has been a member of that pension scheme for no longer than such period as is prescribed by regulations made by the Board of Inland Revenue.
6A
A transfer is also a block transfer if—
a
it involves the transfer in a single transaction of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the pension scheme from which the transfer is made which relate to the member,
b
the transfer takes place—
i
on or after 19 March 2014, and
ii
before 6 April 2015, and
c
the date mentioned in sub-paragraph (7)(a) is before 6 October 2015.
7
The retirement condition is met in relation to the member and the pension scheme if—
a
the member becomes entitled to all the benefits payable to the member under arrangements under the pension scheme (to which the member did not have an actual entitlement on or before 5th April 2006) on the same date, and
b
in a case where on 5th April 2006 the member had an actual or prospective right under the pension scheme to any benefit from an age of less than 50, Condition 1 is met or, in any other case, Condition 2 or 3 is met.
7A
Condition 1 is met if—
a
the member is not, after becoming entitled to the benefits mentioned in sub-paragraph (7)(a), employed by a person who is a sponsoring employer in relation to the pension scheme and with whom the member is connected, and
b
the member's becoming entitled to those benefits is not part of an arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions.
7B
Condition 2 is met if—
a
the member is not, after becoming entitled to the benefits mentioned in sub-paragraph (7)(a), employed by a person specified in sub-paragraph (7C), and
b
the member's becoming entitled to those benefits is not part of an arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions.
7C
The persons referred to in sub-paragraph (7B)(a) are—
a
any person who was a sponsoring employer in relation to the pension scheme at any time during the period of six months ending with the day on which the member became entitled to the benefits mentioned in sub-paragraph (7)(a) and by whom the member was employed at any time during that period,
b
any person who is connected with any such person, or
c
any person who is a sponsoring employer in relation to the pension scheme and with whom the member is connected.
7D
If the member has become entitled to the benefits payable under arrangements under the pension scheme by reason of service in the armed forces of the Crown, any employment on compulsory recall is to be disregarded for the purposes of sub-paragraph (7B)(a).
7E
Condition 3 is met if —
a
paragraph (a) of sub-paragraph (7B) is not satisfied but one of the re-employment conditions is met, and
b
paragraph (b) of that sub-paragraph is satisfied.
7F
The re-employment conditions are—
a
that the member is not employed as mentioned in sub-paragraph (7B)(a) during the period of six months beginning with the day on which the member becomes entitled to the benefits mentioned in sub-paragraph (7)(a), and
b
that the member is not employed as mentioned in sub-paragraph (7B)(a) during the period of one month beginning with that day, but is so employed during the period of five months beginning at the end of that period, and either the pension abatement condition or the materially different employment condition is met
, and
c
that the member is or was employed as mentioned in sub-paragraph (7B)(a) where—
i
the employment began at any time during the coronavirus period, and
ii
the only or main reason that the member was taken into employment was to help the employer to respond to the public health, social, economic or other effects of coronavirus.
7G
The pension abatement condition is met if—
a
the pension scheme is a public service pension scheme, and
b
the member's benefits under the scheme consist of or include a scheme pension which is liable to reduction by abatement while the member is employed as mentioned in sub-paragraph (7B)(a) and is under the age of 55.
7H
The materially different employment condition is met—
a
in a case where the member is employed as mentioned in sub-paragraph (7B)(a) in more than one employment during the period of five months mentioned in sub-paragraph (7F)(b), if each of those employments, and
b
otherwise, if the employment in which the member is so employed during that period,
is materially different in nature from the employment in which the member was employed immediately before becoming entitled to the benefits mentioned in sub-paragraph (7)(a).
7I
For the purposes of sub-paragraph (7D) “
employment on compulsory recall
” means permanent service—
a
under Part 4 of the Reserve Forces Act 1996,
b
under Part 5 of that Act,
c
under a call-out or recall order made under that Act,
d
having been called out or recalled under the Reserve Forces Act 1980, or
e
because of any other call-out or recall obligation of an officer.
7J
Section 1122 of the Corporation Tax Act 2010
(connected persons) applies for the purposes of this paragraph.
7K
In sub-paragraph (7F)(c)—
- “
coronavirus
” has the same meaning as in the Coronavirus Act 2020 (see section 1(1) of that Act);
- “
the coronavirus period
” means the period beginning with 1 March 2020 and ending with 1 November 2020.
7L
The Treasury may by regulations amend the definition of “the coronavirus period” in sub-paragraph (7K) so as to replace the later of the dates specified in it with another date falling before 6 April 2021.
7M
The power in sub-paragraph (7L) may be exercised on more than one occasion.
8
The member’s protected pension age is the age from which the member had an actual or prospective right to any benefit under the protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date).
9
But this paragraph does not have effect so as to give the member a protected pension age of more than 50 at any time before 6th April 2010.
23
1
This paragraph applies in relation to a registered pension scheme and a member of the pension scheme if—
a
the pension scheme is a protected pension scheme, and
b
the retirement condition is met in relation to the member and the pension scheme.
2
A pension scheme is a protected pension scheme if condition A or condition B is met.
3
Condition A is met if—
a
the pension scheme was within paragraph (f) or (g) of paragraph 1(1), and
b
the entitlement condition is met in relation to the member and the pension scheme.
4
The entitlement condition is met in relation to the member and the pension scheme if—
a
on 5th April 2006 the member had an actual or prospective right under the pension scheme to a pension from an age of less than 50, and
b
the member’s occupation was on that date (or had been) one prescribed by regulations made by the Board of Inland Revenue.
5
Condition B is met if the member is a member of the pension scheme (“a transferee pension scheme”) as a result of—
a
a block transfer from the pension scheme (“
the original pension scheme
”) in relation to which condition A is met to the transferee pension scheme, or
b
a block transfer to the transferee pension scheme from a pension scheme that was a transferee pension scheme in relation to the original pension scheme by virtue of the previous application of paragraph (a) or the previous application (on one or more occasions) of this paragraph.
6
“Block transfer” has the same meaning as in paragraph 22(6) and (6A), but for this purpose paragraph 22(6A)(c) is to be read as if its reference to paragraph 22(7)(a) were a reference to sub-paragraph (7) of this paragraph.
7
The retirement condition is met in relation to the member and the pension scheme if the member becomes entitled to all the pensions payable to the member under arrangements under the pension scheme (to which the member did not have an actual entitlement on or before 5th April 2006) on the same date.
8
The member’s protected pension age is the age from which the member had an actual or prospective right to a pension under the protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date).
23ZA
1
Sub-paragraph (2) applies if—
a
there is a recognised transfer from one registered pension scheme (“
the old scheme
”) to another registered pension scheme (“
the new scheme
”), and
b
as a result of paragraph 21 or the previous operation of sub-paragraph (2), immediately before the transfer this Part (except for section 218(6) and paragraph 19) applied in relation to all of the transferred sums or assets as if references to normal minimum pension age were to the member's protected pension age as defined by paragraph 22(8) or, as the case may be, paragraph 23(8).
2
This Part
of this Act
(except for section 218(6) and paragraph 19) applies in relation to—
a
the transferred sums or assets while held for the purposes of an arrangement under the new scheme, and
b
any sums or assets held for the purposes of such an arrangement that arise, or (directly or indirectly) derive, from—
i
any of the transferred sums or assets, or
ii
sums or assets which so arise or derive,
as if references to normal minimum pension age were to the member's protected pension age as defined by paragraph 22(8) or, as the case may be, paragraph 23(8).
3
Paragraphs 22(7)(a) and 23(7) have effect as if the benefits or pensions to which they refer do not include any that are in respect of sums or assets within sub-paragraph (2)(a) or (b) of this paragraph.

Protected pension age: scheme rights existing before 4 November 2021
23ZB
1
This paragraph applies in relation to a relevant registered pension scheme and a member of the pension scheme if—
a
neither paragraph 22 nor 23 applies in relation to them, and
b
the entitlement condition or the block transfer condition is met in relation to the scheme and the member.
2
A registered pension scheme is “relevant” if it is not a uniformed services pension scheme (as defined in section 279(4)).
3
The entitlement condition is met if—
a
immediately before 4 November 2021 the member had an actual or prospective right under the pension scheme to any benefit from an age of less than 57,
b
the rules of the pension scheme on 11 February 2021 included provision conferring such a right on some or all of the persons who were then members of the pension scheme, and
c
the member either had such a right under the scheme on 11 February 2021 or would have had such a right had the member been a member of the scheme on 11 February 2021.
4
Where—
a
a recognised transfer is made on or after 4 November 2021 in execution of a request made before that date, and
b
that transfer would, if executed before that date, have resulted in the member having an actual or prospective right under a pension scheme to any benefit from the age of less than 57 immediately before that date,
the member is, for the purposes of this paragraph, to be treated as having that right under that scheme at that time.
5
The block transfer condition is met if the member is a member of the pension scheme (the “transferee pension scheme”) as a result of—
a
a block transfer to the transferee pension scheme on or after 4 November 2021 from a pension scheme (the “original pension scheme”) where the entitlement condition is met in relation to the original scheme and the member,
b
a block transfer to the transferee pension scheme from a pension scheme (the “original pension scheme”) on or before 3 November 2021 where—
i
immediately before the transfer the member had an actual or prospective right under the original pension scheme to any benefit from an age of less than 57,
ii
the rules of the original pension scheme met paragraph
(b)
of the entitlement condition, and
iii
paragraph
(c)
of that condition is met in relation to the original pension scheme and the member, or
c
a block transfer to the transferee pension scheme from a pension scheme (the “transferor pension scheme”) that was a transferee pension scheme in relation to an original pension scheme or another transferor pension scheme by virtue of the previous application of paragraph
(a)
or
(b)
or the previous application (on one or more occasions) of this paragraph.
6
For the purposes of sub-paragraph
(5)
, a transfer is a “block transfer”, if it involves the transfer, in a single transaction, of all of the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under a pension scheme which relate to the member and at least one other member of the scheme.
7
The member’s protected pension age is the higher of 55 and the age from which the member had an actual or prospective right to any benefit immediately before 4 November 2021 under—
a
in a case where the entitlement condition is met in relation to the member and the scheme, that scheme, or
b
in a case where the block transfer condition is met in relation to the member and the scheme and the entitlement condition is not so met, whichever of that scheme, the original scheme or the transferor scheme that the member was a member of at that time.
8
But this paragraph does not have effect so as to give the member a protected pension age of more than 55 at any time before 6 April 2028.
23ZC
1
This paragraph applies in relation to sums or assets of a relevant registered pension scheme and the member of the scheme to which those sums and assets relate if—
a
none of paragraphs 22, 23 or
23ZB
apply in relation to the scheme and the member, and
b
those sums or assets were subject to a relevant transfer to the scheme.
2
Sums or assets relate to a member of a pension scheme if they are held by that scheme for the purposes of, or represent accrued rights under, an arrangement relating to the member under the pension scheme.
3
Sums or assets were subject to a relevant transfer to a relevant registered pension scheme if they were transferred to that scheme from another relevant registered pension scheme (“
the transferor scheme
”) as a result of a recognised transfer and, immediately before the transfer—
a
they were sums or assets held by the transferor scheme for the purposes of, or representing accrued rights under, an arrangement relating to a member of the transferor scheme, and
b
paragraph
23ZB
applied in relation to the transferor scheme and that member or this paragraph applied to those sums or assets and that member as a result of a relevant transfer to the transferor scheme.
4
If this paragraph applies in relation to sums or assets (“transferred sums or assets”) and a member of a relevant registered pension scheme, this Part of this Act (except for section 218(6) and paragraph 19) applies in relation to—
a
the transferred sums or assets while held for the purposes of, or representing accrued rights under, an arrangement under the scheme, and
b
any sums or assets held for the purposes of, or representing accrued rights under, such an arrangement that arise, or (directly or indirectly) derive, from—
i
any of the transferred sums or assets, or
ii
sums or assets which so arise or derive,
as if references to normal minimum pension age were to the member’s protected pension age under the first relevant registered pension scheme from which there was a relevant transfer of the sums or assets (see paragraph
23ZB(7)
).
5
In this paragraph “
relevant registered pension scheme
” means a pension scheme that is not a uniformed services pension scheme (as defined in section 279(4)).
23A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lump sum rights exceeding £375,000: primary and enhanced protection
24
1
If the lump sum condition and the registration condition are met in relation to an individual—
a
paragraphs 27 to 29 (which modify Schedule 29 and paragraph 12 of this Schedule in relation to pension commencement lump sums), ...
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
apply in relation to the individual.
2
The lump sum condition is met if on 5th April 2006 the amount of an individual’s total lump sum rights exceeds £375,000 (25% of the standard lifetime allowance for the tax year 2006-07).
3
Paragraph 25 defines the amount of an individual’s total lump sum rights on that date.
4
The registration condition is met if either or both of the notice requirements is met.
5
The first notice requirement is met if notice of intention to rely on paragraph 7 (primary protection) is given to the Inland Revenue in accordance with regulations under that paragraph in relation to the individual.
6
The second notice requirement is met if notice of intention to rely on paragraph 12 (enhanced protection) is given to the Inland Revenue in accordance with regulations under that paragraph in relation to the individual.
25
1
The amount of an individual’s total lump sum rights on 5th April 2006 is—
VCPR/4 + VULSR
where—
VCPR is the value of the individual’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10, and
VULSR is the value of the individual’s relevant uncrystallised lump sum rights on that date.
2
The value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 is the aggregate value of the individual’s uncrystallised lump sum rights on that date under each relevant pension arrangement relating to the individual.
3
An uncrystallised lump sum right is a right to a lump sum which on 5th April 2006 is prospective (rather than actual).
4
An arrangement is a “relevant pension arrangement”if it is an arrangement under a pension scheme within paragraph 1(1).
5
The value of the individual’s uncrystallised lump sum rights under an arrangement on 5th April 2006—
a
in the case of an arrangement under a pension scheme falling within paragraph 1(1)(f), is 25% of the value of the funds held for the purposes of the arrangement on that date, and
b
in the case of any other arrangement, is an amount calculated in accordance with sub-paragraph (6).
6
The amount is the amount of any lump sum to which the individual would have been entitled under the arrangement on 5th April 2006 on the assumption that the individual became entitled to the present payment of a lump sum under the arrangement on that date.
7
In calculating an amount in accordance with sub-paragraph (6) the valuation assumptions apply but as if the reference to such age (if any) as must have been reached to avoid any reduction in benefits on account of age in paragraph (a) of section 277 were to the relevant age; and for this purpose “the relevant age” is—
a
if on 10th December 2003 the terms of the arrangement made provision for a reduction in the amount of benefits payable in respect of rights under the arrangement on account of the holder of the rights being below a particular age, that age, and
b
otherwise, 60.
26
1
This paragraph applies if any of the individual’s uncrystallised lump sum rights on 5th April 2006 are rights under one or more arrangements under a pension scheme or schemes within paragraph 1(1)(a) to (d).
2
The value of the individual’s uncrystallised lump sum rights on 5th April 2006 under the arrangement, or the aggregate of the values of the individual’s uncrystallised lump sum rights on 5th April 2006 under such of the arrangements as relate to a particular employment, is ...—
a
the value, or the aggregate of the values, calculated under paragraph 25, or (if lower)
b
the maximum permitted lump sum.
3
“The maximum permitted lump sum” means
a
in the case of an arrangement under a pension scheme which immediately before 6th April 2006 was within section
611A(1)(a)
of
ICTA
, the maximum lump sum that could be paid to the individual under the pension scheme on 5th April 2006, and
b
in any other case,
the maximum lump sum that could be paid to the individual on 5th April 2006 under the arrangement or arrangements if it or they were made under a pension scheme within paragraph 1(1)(a) without giving the Board of Inland Revenue grounds for withdrawing approval of the pension scheme under section 591B of ICTA.
4
For the purposes of sub-paragraph (3) it is to be assumed—
a
in the case of any arrangement, that if the individual was in the employment to which the arrangement or arrangements relates or relate on 5th April 2006 the individual left the employment on that date, and
aa
in the case of an arrangement within sub-paragraph (3)(a), that the valuation assumptions apply (see section 277),
b
in the case of any other arrangement, that if the individual had not reached the lowest age at which a lump sum may be paid under a pension scheme within paragraph 1(1)(a) to a person in good health without giving the Board of Inland Revenue grounds for withdrawing the approval of the pension scheme that fact would not give the Board such grounds.
5
Whether an arrangement relating to an individual relates to an employment is to be determined in accordance with paragraph 9(6).
27
1
If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, Schedule 29 to FA 2004 (authorised lump sums - supplementary) has effect in relation to the individual as if—
a
in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted;
b
for paragraph 2 (pension commencement lump sum: definition of “permitted maximum”) there were substituted—
2
1
In paragraph 1 “
the permitted maximum
”, in relation to a lump sum, means the lower of—
a
the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D), and
b
the amount specified in sub-paragraph (2).
2
That amount is—
a
the maximum amount of a pension commencement lump sum that could have been paid to the member on 5th April 2023 under the arrangement under which the entitlement to the lump sum arises, less
b
the aggregate of each pension commencement lump sum (if any) to which the member has previously become entitled after that date under that arrangement,
or, if that produces a negative amount, nil.
3
For the purposes of this paragraph, the maximum amount of a pension commencement lump sum that “could have been paid” on 5th April 2023 is to be determined on the assumption that any condition required to be met before such a payment could be made was met.
4
Sub-paragraphs (5) and (6) apply where—
a
it is necessary to determine for the purposes of this paragraph “
the permitted maximum
” in relation to a pension commencement lump sum paid after 5th April 2023 under an arrangement (“the paying arrangement”) under a registered pension scheme, and
b
as a result of one or more recognised transfers made in the post-5th April 2023 period, any of the sums and assets applied for the provision of the lump sum were, at any time before the payment of the lump sum, held for the purposes of another arrangement (“a predecessor arrangement”) under a different registered pension scheme.
5
The reference in sub-paragraph (2)(a) to the maximum amount of a pension commencement lump sum that could have been paid on 5th April 2023 under the paying arrangement, so far as the lump sum paid is referable to sums and assets that were held on that date for the purposes of a predecessor arrangement, is a reference to the maximum amount of a pension commencement lump sum that could have been paid on that date under that predecessor arrangement, had those sums and assets (and only those sums and assets) been applied for the provision of the lump sum.
6
A reference in sub-paragraph (2)(b) to a pension commencement lump sum to which the member has become entitled under the paying arrangement before the date on which the lump sum is paid includes a reference to a pension commencement lump sum paid under a predecessor arrangement, so far as it is referable to sums and assets applied for the provision of the pension commencement lump sum paid under the paying arrangement.
7
In this paragraph “
the post-5th April 2023 period
”, in relation to a lump sum, means the period beginning with 6 April 2023 and ending with the date on which the lump sum is paid.
.
2
If (and for so long as) Schedule 29 applies in relation to the individual subject to the modifications in sub-paragraph (1), paragraph 12A of this Schedule has effect in relation to the individual as if sub-paragraph (2)(a) of that paragraph (which contains modifications of Schedule 29 inconsistent with those in sub-paragraph (1)) were omitted.
28
A1
If paragraph 12 (enhanced protection) does not apply in relation to the individual, Schedule 29 to FA 2004 (authorised lump sums - supplementary) has effect in relation to the individual as if in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted.
1
If paragraph 12 (enhanced protection) does not apply in relation to the individual, ... Schedule 29 applies in relation to the individual with the following modifications.
2
If the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 (calculated in accordance with paragraphs 25 and 26) was nil, the permitted maximum under paragraph 2 of Schedule 29 is nil.
3
Otherwise, for paragraph 2 of Schedule 29 substitute—
2
1
In paragraph 1 “
the permitted maximum
”, in relation to a lump sum, means an amount equal to—
A - B
where—
- A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006 (calculated in accordance with paragraphs 25 and 26), as adjusted under sub-paragraph (2);
- B is the aggregate of the amounts of each pension commencement lump sum to which the individual has previously become entitled, as adjusted under sub-paragraph (3) (or, if the individual has not previously become entitled to a pension commencement lump sum, is nil).
2
The adjustment referred to in the definition of A is the multiplication of the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 by 1.2 (being £1,800,000 divided by £1,500,000).
3
The adjustment of the amount of a pension commencement lump sum to which the individual has previously become entitled referred to in the definition of B is the multiplication of the amount by—
(£ 1, 800, 000)/C
where C is—
1. if the individual became entitled to the lump sum before 6th April 2012, the standard lifetime allowance at that time;
2. otherwise, £1,800,000.
29
1
If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, paragraphs 2A to 2D of Schedule 29 (meaning of “
the applicable amount
” in relation to a relevant pension) apply with the following modifications.
2
Paragraph 2A of that Schedule (meaning of “the applicable amount” where the relevant pension is income withdrawal) applies as if, for sub-paragraphs (2) to (4), there were substituted—
2
The applicable amount is—
A/B × (C + D)
where—
- A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36;
- B is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;
- C is the pension commencement lump sum paid;
- D is—
  1. the aggregate of the sums, and the market value of the assets, designated as available for the payment of drawdown pension on that occasion, less
  2. so much (if any) of that amount as represents rights which are attributable to a disqualifying pension credit.
3
Paragraph 2B of that Schedule (meaning of “the applicable amount” where the relevant pension is a lifetime annuity) applies as if, for sub-paragraph (2) there were substituted—
2
The applicable amount is (subject to sub-paragraph (4))—
A/B × (C + D - E)
where—
- A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36 to FA 2004;
- B is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;
- C is the pension commencement lump sum paid;
- D is the annuity purchase price;
- E is—
  1. if the annuity is purchased (in whole or in part) by the application of sums or assets representing the whole or part of the member’s drawdown pension fund or flexi-access drawdown fund, the aggregate of the amount of those sums and the market value of those assets;
  2. otherwise, so much (if any) of the aggregate of the lump sum and the annuity purchase price as represents the rights which are attributable to a disqualifying pension credit.
4
Paragraph 2C of that Schedule (meaning of “the applicable amount” where the relevant pension is a defined benefits arrangement or a collective money purchase arrangement) applies as if—
a
for sub-paragraph (2) there were substituted—
2
The applicable amount is (subject to sub-paragraph (3))—
A/B × (C + D)
where—
- A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36;
- B is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;
- C is the pension commencement lump sum paid;
- D is an amount equal to the value of the pension rights crystallised by reason of the individual becoming entitled to the pension (see sub-paragraph (4)).
;
b
after sub-paragraph (3) there were inserted—
4
The Commissioners for His Majesty’s Revenue and Customs may by regulations make provision about how the value of the pension rights crystallised by reason of the individual becoming entitled to the pension is to be determined for the purposes of sub-paragraph (2).
5
Paragraph 2D of that Schedule (meaning of “the applicable amount” where the relevant pension is a money purchase arrangement) applies as if, for sub-paragraph (2), there were substituted—
2
The applicable amount is—
A/B × (C + D)
where—
- A is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36;
- B is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;
- C is the pension commencement lump sum paid;
- D is the scheme pension purchase price.
29A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Entitlement to lump sums exceeding 25% of uncrystallised rights
31
1
If the pension condition is met in relation to an individual and a registered pension scheme which is a protected pension scheme, the provisions of Schedule 29 relating to pension commencement lump sums apply in relation to the individual and the pension scheme with the modifications specified in paragraph 34(2) (but subject to sub-paragraph (2) of this paragraph and to paragraph 34(3)).
1A
For provision about the tax treatment of a pension commencement lump sum the permitted maximum of which is determined under paragraph 2 of Schedule 29 as modified by paragraph
34
(3)
, see paragraph
34A
.
2
Those provisions do not apply with those modifications if the lump sum condition and registration condition in paragraph 24 are met.
3
The pension condition is that
a
the individual becomes entitled to all the pensions payable to the individual under arrangements under the pension scheme (to which the individual did not have an actual entitlement on or before 5th April 2006) on the same date, and
b
the individual does not become entitled to more than one pension commencement lump sum in connection with becoming entitled to those pensions.
4
A registered pension scheme is a protected pension scheme if condition A or condition B is met.
5
Condition A is met if—
a
the pension scheme was within any of paragraphs (a) to (e) of paragraph 1(1), and
b
on 5th April 2006 the lump sum percentage of the individual’s uncrystallised rights under the pension scheme exceeded 25%.
6
The lump sum percentage of an individual’s uncrystallised pension rights under a pension scheme on 5th April 2006 is—
VULSR/VUR × 100
where—
VULSR is the value of the individual’s uncrystallised lump sum rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 32, and
VUR is the value of the individual’s uncrystallised rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 33.
7
Condition B is met if the individual is a member of the pension scheme (“a transferee pension scheme”) as a result of—
a
a block transfer from the pension scheme (“
the original pension scheme
”) in relation to which condition A is met to the transferee pension scheme, or
b
a block transfer to the transferee pension scheme from a pension scheme that was a transferee pension scheme in relation to the original pension scheme by virtue of the previous application of paragraph (a) or the previous application (on one or more occasions) of this paragraph.
8
“Block transfer” has the same meaning as in paragraph 22(6) and (6A), but treating the references there to the member as references to the individual and reading paragraph 22(6A)(c) as if its reference to paragraph 22(7)(a) were a reference to sub-paragraph (3) of this paragraph.
9
Where a pension scheme is a protected pension scheme because condition B is met, Schedule 29 as modified by paragraph 34 applies as if the protected pension scheme were the same pension scheme as the original pension scheme.
32
1
Subject to sub-paragraph (2), the value of the individual’s uncrystallised lump sum rights under the pension scheme on 5th April 2006 is the aggregate of the value of the individual’s uncrystallised lump sum rights under each arrangement in respect of the individual under the pension scheme, calculated in accordance with paragraph 25(5), on that date.
2
If the pension scheme is a relevant pension scheme, the value of the individual’s uncrystallised lump sum rights on 5th April 2006 under an arrangement—
a
which relates to a particular employment, and
b
in relation to which the excess lump sum condition is met (see sub-paragraph (5) or (6)),
is the amount arrived at in accordance with sub-paragraph (7) or (8).
3
A pension scheme is a relevant pension scheme if it falls within paragraph 1(1)(a) to (d).
4
Whether an arrangement relating to the individual relates to a particular employment is to be determined in accordance with paragraph 9(6).
5
If no other arrangement relating to the individual under a relevant pension scheme relates to the employment to which the arrangement relates, the excess lump sum condition is met in relation to the arrangement if—
a
the value of the individual’s uncrystallised lump sum rights under the arrangement calculated in accordance with paragraph 25(5), exceeds
b
the amount arrived at in relation to the arrangement in accordance with paragraph 26.
6
If one or more other arrangements relating to the individual under a relevant pension scheme or relevant pension schemes relates or relate to the employment to which the arrangement relates, the excess lump sum condition is met in relation to the arrangement if—
a
the aggregate of the values of the individual’s uncrystallised lump sum rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 25(5), exceeds
b
the amount arrived at in relation to those arrangements in accordance with paragraph 26;
and the amount by which the aggregate of those values exceeds that amount is the “lump sum excess”.
7
Where the excess lump sum condition is met by virtue of sub-paragraph (5), the value of the individual’s uncrystallised lump sum rights under the arrangement is the amount arrived at in accordance with paragraph 26.
8
Where the excess lump sum condition is met by virtue of sub-paragraph (6), the value of the individual’s uncrystallised lump sum rights under the arrangement is the value of those rights calculated in accordance with paragraph 25(5), less the appropriate proportion of the lump sum excess.
9
The appropriate proportion of the lump sum excess is—
V/AV
where—
V is the value of the individual’s uncrystallised lump sum rights under the arrangement, calculated in accordance with paragraph 25(5), and
AV is the aggregate of the values of the individual’s uncrystallised lump sum rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 25(5).
33
1
Subject to sub-paragraph (2), the value of the individual’s uncrystallised rights under the pension scheme on 5th April 2006 is the aggregate of the value of the individual’s uncrystallised rights under each arrangement in respect of the individual under the pension scheme, calculated in accordance with paragraph 8(5).
2
If the pension scheme is a relevant pension scheme, the value of the individual’s uncrystallised rights on 5th April 2006 under an arrangement—
a
which relates to a particular employment, and
b
in relation to which the excess rights condition is met (see sub-paragraph (5) or (6)),
is the amount arrived at in accordance with sub-paragraph (7) or (8).
3
A pension scheme is a relevant pension scheme if it falls within paragraph 1(1)(a) to (d).
4
Whether an arrangement relating to the individual relates to a particular employment is to be determined in accordance with paragraph 9(6).
5
If no other arrangement relating to the individual under a relevant pension scheme relates to the employment to which the arrangement relates, the excess rights condition is met in relation to the arrangement if—
a
the value of the individual’s uncrystallised rights under the arrangement calculated in accordance with paragraph 8(5), exceeds
b
the amount arrived at in relation to the arrangement in accordance with paragraph 9(3).
6
If one or more other arrangements relating to the individual under a relevant pension scheme or relevant pension schemes relates or relate to the employment to which the arrangement relates, the excess rights condition is met in relation to the arrangement if—
a
the aggregate of the values of the individual’s uncrystallised rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 8(5), exceeds
b
the amount arrived at in relation to those arrangements in accordance with paragraph 9(3);
and the amount by which the aggregate of those values exceeds that amount is the “rights excess”.
7
Where the excess rights condition is met by virtue of sub-paragraph (5), the value of the individual’s uncrystallised rights under the arrangement is the amount arrived at in accordance with paragraph 9(3).
8
Where the excess rights condition is met by virtue of sub-paragraph (6), the value of the individual’s uncrystallised rights under the arrangement is the value of those rights calculated in accordance with paragraph 8(5), less the appropriate proportion of the rights excess.
9
The appropriate proportion of the rights excess is—
V/AV
where—
V is the value of the individual’s uncrystallised rights under the arrangement, calculated in accordance with paragraph 8(5), and
AV is the aggregate of the values of the individual’s uncrystallised rights under the arrangement and the other arrangement or arrangements, calculated in accordance with paragraph 8(5).
34
1
Sub-paragraphs
(2)
and
(3)
specify the modifications of the provisions of Schedule 29 relating to pension commencement lump sums that apply in accordance with paragraph 31(1) (entitlement to lump sums exceeding 25% of uncrystallised rights).
2
Schedule 29 has effect as if, in paragraph 1(1)(b) (pension commencement lump sum), the words “all or part of the member’s lump sum allowance is available, and” were omitted.
3
Subject to
sub-paragraph (4)
, Schedule 29 has effect as if, for paragraph 2 (definition of “the permitted maximum”), there were substituted—
2
1
In paragraph 1 “
the permitted maximum
”, in relation to a lump sum, means—
(A × 1 . 2) + B
where—
- A is the value of the member’s uncrystallised lump sum rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 32 of Schedule 36;
- B is the additional lump sum amount (see sub-paragraphs
(2)
to
(6)
below).
2
In
sub-paragraph (1)
, “
the additional lump sum amount
” means—
(C + D - (E × F/(1, 500, 000)))/4
where—
- C is the lump sum paid;
- D is the relevant capital amount in relation to the relevant pension (see sub-paragraph
(6)
);
- E is the value of the member’s uncrystallised rights under the pension scheme on 5th April 2006, calculated in accordance with paragraph 33 of Schedule 36;
- F is the member’s lump sum and death benefit allowance.
3
For the purposes of sub-paragraph
(2)
, any part of what would otherwise be C which represents rights attributable to a disqualifying pension credit is to be disregarded.
4
In a case in which the lump sum is paid in connection with the member becoming entitled to more than one relevant pension (within the meaning given by paragraph 1(3)), the reference in the definition of D in
sub-paragraph (2)
to the relevant capital amount in relation to the relevant pension is to the sum of the relevant capital amounts in relation to each of the relevant pensions.
5
If the amount given by the formula in
sub-paragraph (2)
is negative, the additional lump sum amount is nil.
6
In
sub-paragraph (2)
“
the relevant capital amount
” means—
a
in a case in which the relevant pension is income withdrawal, the scheme pension capital value, as determined under paragraph 2A(3) and (4);
b
in a case in which the relevant pension is a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4);
c
in a case in which the relevant pension is a scheme pension under a defined benefits arrangement or a collective money purchase scheme, the amount given by the formula—
B × C
where B and C have the same meaning as they have for the purposes of paragraph 2C(2);
d
in a case in which the relevant pension is a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement, the scheme pension purchase price, as determined under paragraph 2D(3) and (4).
.
4
If, in any case, the permitted maximum of a lump sum that is determined under paragraph 2 of Schedule 29 as modified by sub-paragraph
(3)
of this paragraph is lower than it would have been disregarding the modification, the modification is to be disregarded.
34A
1
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) applies in relation to a paragraph 34 pension commencement lump sum as if—
a
for section 637A (pension commencement lump sums), there were substituted—

Pension commencement lump sums
637A
1
Subject to subsection
(2)
, no liability to income tax arises on a pension commencement lump sum paid under a registered pension scheme.
2
If—
a
a pension commencement lump sum is paid under a registered pension scheme, and
b
the lump sum exceeds the amount of the member’s lump sum and death benefit allowance that is available on the member becoming entitled to it,
section 579A (pensions) applies to the excess as it applies to any pension under a registered pension scheme.
;
b
in section 637Q (availability of individual’s lump sum allowance), for subsection (6) there were substituted—
6
In subsection (5) “
non-taxable amount
”, in relation to the individual becoming entitled to a pension commencement lump sum, means the lower of—
a
so much (if any) of the lump sum as is not subject to the charge to income tax by virtue of any provision of this Chapter, and
b
the amount given by the formula—
(C + D)/4
where C and D have the same meaning as in sub-paragraph
(3)
of paragraph 2 of Schedule 29 to FA 2004 (definition of “the permitted maximum”) as that paragraph applies in relation to the lump sum.
6A
In subsection (5) “
non-taxable amount
”, in relation to the individual becoming entitled to an uncrystallised funds pension lump sum, means so much (if any) of the lump sum as is not subject to the charge to income tax by virtue of any provision of this Chapter.
.
2
In sub-paragraph
(1)
“
paragraph 34 pension commencement lump sum
” means a pension commencement lump sum the permitted maximum of which is determined under paragraph 2 of Schedule 29 as modified by paragraph
34
(3)
.
... 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Right to payment of lump sum death benefit
36
1
This paragraph applies to a member of a registered pension scheme if on 5th April 2006—
a
the pension scheme is within any of paragraphs (a) to (e) of paragraph 1(1),
b
the member has an actual (rather than a prospective) right to a pension under an arrangement under the pension scheme, and
c
under the arrangement a lump sum death benefit is payable if the member dies within the guarantee period.
2
The guarantee period is the period of five years beginning with the day on which the member became entitled to the pension or, if later, the day on which the pension was first paid.
3
If the member dies after having reached the age of 75 and before the end of the guarantee period—
a
paragraph 14 of Schedule 29 (pension protection lump sum death benefit), and
b
paragraph 16 of that Schedule (annuity protection lump sum death benefit), ...
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
apply in relation to the member and the arrangement with the following modifications.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Paragraph 14 (1) applies as if paragraph (d) were omitted.
6
Paragraph 14(2) applies as if the reference to the pension protection limit were to the transitional protection limit.
7
Paragraph 16(2) applies as if the reference to the annuity protection limit were to the transitional protection limit.
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Section 206 (1) (special lump sum death benefits charge) does not apply to any pension protection lump sum death benefit or annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid by virtue of sub-paragraphs (3) to (7).
10
If the member dies before having reached the age of 75 and before the end of the guarantee period—
a
section 206 (1) does not apply to so much of any pension protection lump sum death benefit or annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit, and
b
if the arrangement is a defined benefits arrangement, paragraph 14(1)(d) of Schedule 29 is to be treated as satisfied in relation to so much of the lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit.
11
The transitional protection limit is—
P - TPLS
where—
P is the amount of pension to which (had the member lived) the member would have been entitled under the arrangement in respect of the period beginning with the day of the member’s death and ending with the last day of the guarantee period, and
TPLS is the amount of any pension protection lump sum death benefit or annuity protection lump sum death benefit previously paid in respect of the pension.
Part 4

Other provisions

Pre-commencement ill-health insurance contracts
37
1
Payments under protected ill-health insurance contracts are not unauthorised member payments.
2
Ill-health insurance contracts are contracts providing insurance against a risk relating to non-payment by a member of a pension scheme of contributions under the pension scheme.
3
An ill-health insurance contract is protected if it was made before 6th April 2006 under—
a
a personal pension scheme approved under Chapter 4 of Part 14 of ICTA before 6th April 2001, or
b
an annuity contract or trust scheme approved under section 620 or 621 of ICTA or a substituted contract within the meaning of section 622(3) of ICTA.

Pre-commencement holdings of taxable property
37A
1
This paragraph applies in relation to an investment-regulated pension scheme if—
a
on 6th April 2006 the pension scheme holds an interest in taxable property which it acquired before that date, and
b
immediately before that date the pension scheme was not prohibited from holding the interest in the property,
and, in a case where immediately before that date the interest in the property was held directly by a person other than the pension scheme, if the pension scheme was not prohibited from holding the interest it held in that person at that time.
2
This paragraph also applies in relation to an investment-regulated pension scheme if—
a
before 6th April 2006 a contract to acquire an interest in property was entered into by the pension scheme or a person in whom the pension scheme directly or indirectly held an interest when the contract was entered into,
b
the pension scheme does not acquire the interest in the property before that date,
c
the property is taxable property on that date, and
d
immediately before that date the pension scheme would not have been prohibited from holding the interest in the property,
and, in a case where the contract to acquire the interest in the property was entered into by a person in whom the pension scheme directly or indirectly held an interest, if the pension scheme was not prohibited from holding the interest it held in that person immediately before that date.
3
The taxable property provisions (apart from this paragraph and paragraphs 37B to 37E) do not apply in relation to the pension scheme and the interest in the property.
4
For the purposes of this Schedule a pension scheme is to be treated as having been prohibited from holding an interest in property, or in a person, immediately before 6th April 2006 if approval could have been withdrawn under section 591B, 620(7) or 650 of
ICTA
on the basis of the holding of the interest at that time.
5
This paragraph is subject to paragraphs 37B to 37E.
37B
1
Paragraph 37A ceases to apply to an investment-regulated pension scheme and an interest in taxable property on the relevant date if Condition A, B or C is met.
2
Condition A is that there is a change in the occupation or use of the property such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the property at that time.
3
Condition B is that—
a
the taxable property is residential property on 6th April 2006, and
b
improvement works on the property are begun on or after that date.
4
Condition C is that there is a change in the pension scheme's interest in—
a
any person who holds the interest in the property directly, or
b
any person who has entered into a contract to acquire the interest in the property,
such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the person at that time.
5
For the purposes of this paragraph the relevant date is—
a
where Condition A is met, the date on which the change in the occupation or use of the taxable property takes place,
b
where Condition B is met, the date on which the improvement works are substantially completed, or
c
where Condition C is met, the date on which the change in the pension scheme's interest in the person takes place,
but where the pension scheme has not acquired the interest in the property by what would otherwise be the relevant date, the relevant date is the date on which it acquires the interest.
6
Where Condition A, B or C is met the pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on the relevant date.
7
For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of the acquisition is—
a
the market value on the relevant date of the interest in the property held by the person who holds it directly, or
b
if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 of Schedule 29A if it were assigned to the person on that date.
8
Where—
a
the pension scheme holds the interest in the property directly, and
b
the interest is not a lease at a rent,
for the purposes of section 185G (gains from taxable property: disposal by person holding directly) the pension scheme is to be treated as having acquired the interest for a consideration equal to its market value on 6th April 2006.
9
For the purposes of sub-paragraph (3)(b) improvement works are to be taken to have been begun before 6th April 2006 only if—
a
a binding contract for the works was entered into before that date, or
b
a substantial amount of the works has been carried out before that date.
10
For the purposes of this Schedule “
improvement works
” means, in relation to a property, works which—
a
materially improve the property, and
b
are not carried out wholly for the purposes of complying with a statutory requirement or a requirement imposed by a government department, a statutory body or a person holding a statutory office.
11
For the purposes of sub-paragraph (10)(a) a property is materially improved by works only if—
a
its market value on the date the works are substantially completed (“MVW”) exceeds what would have been its market value on that date if the works had not been carried out (“
MV
”), and
b
the amount by which MVW exceeds
MV
is greater than 20% of MV.
12
For the purposes of sub-paragraph (10)(b)—
- “
statutory body
” means a body set up by or under an enactment (including an enactment comprised in, or an instrument made under, an Act of the Scottish Parliament);
- “
statutory office
” means a body set up by or under such an enactment; and
- “
statutory requirement
” means a requirement imposed by provision made by or under such an enactment.
13
This paragraph is subject to paragraph 37D.
37C
1
This paragraph applies where—
a
on 6th April 2006 an investment-regulated pension scheme holds an interest in taxable property which it acquired before that date, and
b
immediately before that date the pension scheme was prohibited from holding the interest.
2
This paragraph also applies where—
a
on 6th April 2006 an investment-regulated pension scheme holds an interest in taxable property indirectly which it acquired before that date, and
b
immediately before that date the pension scheme was prohibited from holding the interest it held in the person that held the interest in the property directly at that time.
3
The pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on 6th April 2006.
4
For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of the acquisition is—
a
the market value on 6th April 2006 of the interest in the property held by the person who holds it directly, or
b
if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 of Schedule 29A if it were assigned to the person on that date.
5
Where—
a
the pension scheme holds the interest in the property directly, and
b
the interest is not a lease at a rent,
for the purposes of section 185G (gains from taxable property: disposal by person holding directly) the pension scheme is to be treated as having acquired the interest for a consideration equal to its market value on 6th April 2006.
37D
1
This paragraph applies where—
a
sub-paragraph (1) or (2) of paragraph 37A applies in relation to a pension scheme and an interest in property,
b
immediately before 6th April 2006 the pension scheme was a self-invested personal pension scheme or a small self-administered scheme,
c
on that date the pension scheme holds the interest in the property indirectly or (if sub-paragraph (2) of paragraph 37A applies in relation to the pension scheme and the interest in the property) the pension scheme will hold the interest indirectly once it has been acquired pursuant to the contract,
d
the property is residential property on that date, and
e
improvement works on the property were begun after 5th December 2005.
2
This paragraph also applies where—
a
sub-paragraph (1) or (2) of paragraph 37A applies in relation to a pension scheme and an interest in property,
b
immediately before 6th April 2006 the pension scheme was a small self-administered scheme,
c
on that date the pension scheme holds the interest in the property directly,
d
the pension scheme acquired the interest before 5th August 1991,
e
the property is residential property on 6th April 2006, and
f
improvement works on the property were begun after 5th December 2005.
3
If the works are completed on or after 6th April 2006, paragraph 37B applies in relation to the pension scheme and the interest in the property as if the works were begun on or after that date.
4
If the works are completed before that date—
a
paragraph 37A does not apply in relation to the pension scheme and the interest in the property, and
b
unless the pension scheme has still to acquire the interest in the property on that date, sub-paragraphs (3) to (5) of paragraph 37C apply in relation to the pension scheme and the interest.
5
For the purposes of this paragraph improvement works are to be taken to have been begun before 6th December 2005 only if—
a
a binding contract for the works was entered into before that date, or
b
a substantial amount of the works has been carried out before that date.
37E
1
This paragraph applies where—
a
paragraph 37A would otherwise apply in relation to a pension scheme and an interest in property,
b
immediately before 6th April 2006 the pension scheme was a retirement benefits scheme approved under section 590 of
ICTA
, and
c
the pension scheme was approved under that section after 5th December 2005.
2
Paragraph 37A does not apply in relation to the pension scheme and the interest in the property.
3
Unless the pension scheme has still to acquire the interest in the property on 6th April 2006, sub-paragraphs (3) to (5) of paragraph 37C apply in relation to the pension scheme and the interest.

Post-commencement acquisitions of taxable property
37F
1
This paragraph applies where on or after 6th April 2006 an investment-regulated pension scheme acquires an interest in taxable property consisting of tangible moveable property because a person in whom the pension scheme directly or indirectly holds an interest comes to hold the interest in the property directly.
2
The taxable property provisions (apart from this paragraph and paragraph 37G) do not apply in relation to the pension scheme and the interest in the property if the conditions in sub-paragraph (3) are met.
3
Those conditions are that—
a
on 6th April 2006 the pension scheme held the interest in the person by virtue of acquiring it before that date,
b
immediately before that date the pension scheme was not prohibited from holding the interest in the person,
c
at no time during the period beginning with that date and ending immediately before the acquisition of the interest in the property has the pension scheme's interest in the person been such that, if it had held that interest in the person immediately before 6th April 2006, it would have been prohibited from holding that interest at that time, and
d
the person acquires the interest in the property so that the property may be used for the purposes of a trade, profession or vocation carried on by the person or for the purposes of its administration or management.
4
This paragraph is subject to paragraph 37G.
37G
1
Where Condition A or B is met in relation to the pension scheme and an interest in property to which paragraph 37F has applied, the pension scheme is to be treated for the purposes of the taxable property provisions as acquiring the interest in the property on the date on which the Condition is met.
2
Condition A is that there is a change in the pension scheme's interest in the person who holds the interest in the property directly such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the person at that time.
3
Condition B is that the property ceases to be used for the purposes of—
a
a trade, profession or vocation carried on by the person, or
b
its administration or management.
4
For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of the acquisition is the market value on the relevant date of the interest in the property held by the person.
37H
1
This paragraph applies where on or after 6th April 2006 an investment-regulated pension scheme acquires an interest in taxable property consisting of residential property because a person in whom the pension scheme directly or indirectly holds an interest comes to hold the interest in the property directly.
2
The taxable property provisions (apart from this paragraph and paragraph 37I) do not apply in relation to the pension scheme and the interest in the property if the conditions in sub-paragraph (3) are met.
3
Those conditions are that—
a
on 6th April 2006 the pension scheme held the interest in the person by virtue of acquiring it before that date,
b
immediately before that date the pension scheme was not prohibited from holding the interest in the person,
c
immediately before that date the person had a business involving the holding and letting of residential property and held directly five or more assets consisting of interests in residential property for the purposes of that business,
d
at no time during the period beginning with that date and ending immediately before the acquisition of the interest in the property has the pension scheme's interest in the person been such that, if it had held that interest in the person immediately before 6th April 2006, it would have been prohibited from holding that interest at that time,
e
the person acquires the interest in the property for the purposes of its property rental business, and
f
after the acquisition of the interest in the property, the property is not occupied or used by a member of the pension scheme or a person connected with such a member.
4
This paragraph is subject to paragraph 37I.
5
Section 1122 of the Corporation Tax Act 2010
(connected persons) applies for the purposes of this paragraph.
37I
1
Where Condition A, B or C is met in relation to the pension scheme and an interest in property to which paragraph 37H has applied, the pension scheme is to be treated for the purposes of the taxable property provisions as acquiring, on the date on which the Condition is met, each interest in property—
a
which it holds on that date, and
b
to which paragraph 37H has applied before that date.
2
Condition A is that there is a change in the pension scheme's interest in the person who holds the interest in the property directly such that, if the change had occurred immediately before 6th April 2006, the pension scheme would have been prohibited from holding the interest in the person at that time.
3
Condition B is that the property ceases to be used for the purposes of the person's property rental business.
4
Condition C is that the property is occupied or used by a member of the pension scheme or a person connected with such a member.
5
For the purposes of Schedule 29A the total taxable amount in relation to any unauthorised payment which the pension scheme is treated as having made by reason of an acquisition of an interest in property treated as made by virtue of this paragraph is—
a
the market value on the relevant date of the interest in the property held by the person who holds it directly, or
b
if the interest in the property is a lease at a rent, the amount of consideration that would be treated as given by the person for the lease by virtue of paragraph 34 of Schedule 29A if it were assigned to the person on that date.

Pre-commencement loans to sponsoring employers
38
1
This paragraph applies to a loan if—
a
the loan was made before 6th April 2006 by an occupational pension scheme which becomes a registered pension scheme on that date,
b
had this Part had been in force and had the pension scheme been a registered pension scheme at the time when the loan was made, it would have been a loan to a sponsoring employer, and
c
the date by which the total amount owing (including interest) must be paid is on or after 6th April 2006.
2
If on or after 6th April 2006 there is no alteration in the repayment terms, section 179 (authorised employer loan) does not apply in relation to the loan.
3
If on or after 6th April 2006 there is an alteration in the repayment terms, section 179 applies as if, on the date of the alteration, the pension scheme made a loan to the sponsoring employer of an amount equal to the amount owing (including interest) on that date.
4
The postponement of the date by which the total amount owing (including interest) must be paid is not an alteration in the repayment terms if—
a
an amount is outstanding on the date by which the total amount owing should have been paid,
b
the postponement is for a period not exceeding five years, and
c
there has been no previous postponement on or after 6th April 2006.

Retirement annuity contracts: carry-back of pre-commencement contributions
39
The repeal by this Act of section 619(4) of ICTA (election on or before 31st January following tax year in which retirement annuity contract premium is paid to treat premium as paid in earlier tax year) does not prevent the making of an election under that provision (in relation to a premium paid in the tax year 2005-06) at any time on or before 31st January 2007.

Members' contributions to pre-commencement retirement annuity contracts
40
1
Relief in respect of contributions made by a member under pre-commencement retirement annuity arrangements is not required to be given in accordance with section 192 (relief at source).
2
If relief in respect of contributions made by a member under pre-commencement retirement annuity arrangements is not given in accordance with section 192, relief in respect of the contributions is to be given in accordance with section 194 (relief on making of claim).
3
“Pre-commencement retirement annuity arrangements” means—
a
an annuity contract or trust scheme approved under section 620 or 621 of ICTA, or
b
a substituted contract within the meaning of section 622(3) of ICTA.

Employers' contributions relieved before 6th April 2006
41
To the extent that any contribution paid by an employer under a registered pension scheme was—
a
allowed to be deducted for the purposes of Part 2 of ITTOIA 2005 (trading income) or Case I or II of Schedule D,
b
deductible under section 75 of ICTA (expenses of management: companies with investment business), or
c
brought into account at Step 1 in section 76(7) of ICTA (expenses of insurance companies),
for a period beginning before 6th April 2006, it is not allowed to be so deducted, so deductible, or available to be so brought into account for that or any other period in accordance with section 196 (relief for employers in respect of contributions paid).

Spreading of employer’s contributions
42
The power of the Board of Inland Revenue under section 592(6) of ICTA to direct that a sum paid under an exempt approved scheme otherwise than by way of ordinary annual contribution be treated as an expense to be spread over such period of years as the Board think fit continues to apply in relation to sums paid before 6th April 2006.

Taxation of annuities paid under pre-commencement retirement annuity contracts
43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Taxation of pensions accruing (but not taxed) pre-commencement and paid or received post-commencement
44
1
If an amount which accrued but was not paid before 6th April 2006 would have constituted taxable pension income under Chapter 7 of Part 9 of ITEPA 2003 (former approved superannuation fund annuities) had it been paid before that date, it is to be treated for the purposes of Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) as if it accrues when it is paid.
2
If an amount which accrued but was not received before 6th April 2006 would have constituted taxable pension income under section 596 of ITEPA 2003 (personal pension annuities) had it been received before that date, it is to be treated for the purposes of Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) as if it accrues when it is received.

Pensions taxed pre-commencement but accruing post-commencement
45
1
If an amount which was paid but had not accrued before 6th April 2006 constituted taxable pension income under Chapter 7 of Part 9 of ITEPA 2003 (former approved superannuation fund annuities), it does not also constitute taxable pension income under Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) when it accrues.
2
If an amount which was received but had not accrued before 6th April 2006 constituted taxable pension income under section 596 of ITEPA 2003 (personal pension annuities), it does not also constitute taxable pension income under Chapter 5A of Part 9 of ITEPA 2003 (as inserted by Schedule 31) when it accrues.

Taxation of certain annuities for dependants purchased pre-commencement
45A
1
The charge to tax under Part 9 of
ITEPA
2003 (taxation of pension income) does not apply to an annuity payable to a person (“
the dependant
”) if—
a
the annuity is payable on the death of a member of a pension scheme,
b
the annuity is paid in respect of the deceased member,
c
the member had not reached the age of 75 at the date of the member's death,
d
the member died on or after 3 December 2014,
e
no payment of the annuity is made before 6 April 2015,
f
the annuity has fulfilled the transitional conditions at all times on or after 6 April 2006,
g
the annuity was purchased together with an annuity payable to the member, and
h
that annuity payable to the member fulfilled the transitional conditions at all times in the period beginning with 6 April 2006 and ending with the member's death.
2
For the purposes of sub-paragraph (1)(g), an annuity is purchased together with another if they are purchased—
a
in the form of a joint life annuity, or
b
separately in circumstances in which the day on which the one is purchased is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased.
3
In sub-paragraph (1) “
the transitional conditions
” means the conditions specified in the subsection (3A) set out in article 2(3) of the Taxation of Pension Schemes (Transitional Provisions) Order 2006 (
S.I.
2006/572).

Application of PAYE to certain annuities in payment at commencement
46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Authorised surplus payments charge: pre-19th March 1986 winding-up
47
Section 207 (authorised surplus payments charge) does not apply to any payment made in pursuance of the winding-up of a pension scheme if the winding-up commenced before 19th March 1986.

Annual allowance charge: post-commencement contributions to discharge pre-commencement unfunded promises
48
1
This paragraph applies where, during the period beginning with 6th April 2006 and ending with 7th July 2006, an employer of an individual makes a relevant consolidation contribution in respect of the individual under an arrangement under a registered pension scheme relating to the individual.
2
The pension input amount in respect of the arrangement during the pension input period of the arrangement ending in the tax year 2006-07 is to be reduced by the amount of the contribution.
3
“Relevant consolidation contribution” means a contribution made by way of discharge of any liability incurred by the employer before 6th April 2006 to pay any pension or lump sum to or in respect of the individual.
... 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Saving of sections 605 and 651A of ICTA
50
The repeal by this Act of sections 605 and 651A of ICTA (information powers) does not affect the operation of those sections, or regulations under them, in relation to times before 6th April 2006.

Individuals with pre-commencement entitlement to corresponding relief
51
1
This paragraph applies where the Board of Inland Revenue allow contributions made by an individual under a pension scheme as deductions under Chapter 2 of Part 5 of ITEPA 2003 for the tax year 2005-06 in accordance with section 355 of that Act (deductions for corresponding payments by non-domiciled employees with foreign employers).
2
Where the individual makes contributions under the pension scheme for any subsequent tax year, the Board of Inland Revenue may allow the contributions as deductions under Chapter 2 of Part 5 of that Act if, as well as the Board of Inland Revenue being satisfied that the conditions in section 355 of that Act are met, the scheme manager complies with any prescribed benefit crystallisation information requirements imposed on the scheme manager.
3
Schedule 34 (non-UK schemes: application of certain charges) applies in relation to the pension scheme and the individual as if allowing the contributions as deductions under Chapter 2 of Part 5 of ITEPA 2003 by virtue of sub-paragraph (2) were the giving of relief by virtue of Schedule 33 (overseas pension schemes: migrant member relief).
4
“Prescribed benefit crystallisation information requirements” means requirements imposed by or under regulations made by the Board of Inland Revenue to provide to the Inland Revenue any information relating to an event that is the individual becoming entitled to a benefit under a pension scheme.
5
The references in sub-paragraphs (2) and (3) to the pension scheme include a pension scheme (“a transferee pension scheme”) if there has been—
a
a block transfer from the pension scheme within sub-paragraph (1) (“
the original pension scheme
”) to the transferee pension scheme, or
b
a block transfer to the transferee pension scheme from a pension scheme that was a transferee pension scheme in relation to the original pension scheme by virtue of the previous application of paragraph (a) or the previous application (on one or more occasions) of this paragraph.
6
“Block transfer” has the same meaning as in paragraph 22(6), but treating the references there to the member as references to the individual.

Continuing operation of section 392 of ITEPA 2003
52
Section 392 of ITEPA 2003 (non-approved schemes: relief where no benefits are paid or payable) continues to have effect in relation to a sum charged to tax by virtue of section 386 of ITEPA 2003 or section 595 of ICTA (charges on payments to schemes) before 6th April 2006.

Benefits taxable under Chapter 2 of Part 6 of ITEPA 2003: contributions taxed pre-commencement
53
1
Paragraph 54 or 55 has effect where—
a
section 394 of ITEPA 2003 (charge on benefits from non-approved schemes) operates (or would otherwise operate) by reason of the provision of a lump sum under an employer-financed retirement benefits scheme on or after 6th April 2006, and
b
before that date an employer has paid any sum or sums, with a view to the provision of benefits under the scheme, in respect of which an employee is taxed.
2
For the purposes of sub-paragraph (1)(a) section 394 of ITEPA 2003 operates if—
a
an amount counts as employment income of an individual under that section, or
b
the person who is, or persons who are, the responsible person in relation to the scheme is or are chargeable to income tax under subsection (2) of that section.
3
For the purposes of sub-paragraph (1)(b) an employee is taxed in respect of a sum or sums if—
a
the employee is assessed to tax by virtue of section 595 (1) of ICTA (charges on payments) in respect of the sum or sums, or
b
the sum or sums counts or count as employment income of the employee under section 386 (1) of ITEPA 2003 (charges on payments).
4
It is to be assumed, unless the contrary is shown, that neither paragraph 54 nor paragraph 55 has effect.
54
1
This paragraph has effect if—
a
all of the income and gains accruing to the scheme are brought into charge to tax and the lump sum is provided to the employee, a relative of the employee, the personal representatives of the employee, an ex-spouse or former civil partner of the employee or any other individual designated by the employee, or
b
the scheme was entered into before 1st December 1993 and has not been varied on or after that date with a view to the provision of benefits under the scheme.
2
In a case where the employer has not paid any sum or sums with a view to the provision of benefits under the scheme since before 6th April 2006, section 394 of ITEPA 2003 (charge on benefits from non-approved schemes) does not apply in relation to the lump sum.
3
In a case where the employer has paid any sum or sums with a view to the provision of benefits under the scheme on or after 6th April 2006—
a
section 394 of ITEPA 2003 does not apply in relation to so much of the lump sum as does not exceed the appropriate fraction of the amount of the market value of the assets of the scheme on 5th April 2006 as increased under sub-paragraph (4), and
b
only any sum or sums paid by the employee after that date with a view to the provision of benefits under the scheme is or are to be taken into account under section 395 of ITEPA 2003 (general rules).
4
For the purposes of sub-paragraph (3)(a)—
a
“the appropriate fraction” of the amount of the market value of the assets of the scheme on 5th April 2006 is the same fraction as the fraction of the assets of the scheme to which the employee would have been entitled had the scheme been wound up on that date, and
b
the amount of the market value of the assets of the scheme on that date is to be increased by the percentage by which the retail prices index for the month in which the lump sum is provided is greater than that for April 2006.
5
In this paragraph—
- “ex-spouse”, in relation to an employee, means the other party to a marriage with the employee that has been dissolved or annulled, and
- “former civil partner”, in relation to an employee, means the other party to a civil partnership with the employee that has been dissolved or annulled,
- “relative”, in relation to an employee, means—
  1. the spouse or civil partner of the employee,
  2. the widow or widower or surviving civil partner of the employee,
  3. a child of the employee, or
  4. a dependant of the employee.
55
1
This paragraph has effect if paragraph 54 does not.
2
Section 394 of ITEPA 2003 (charge on benefits from non-approved schemes) does not apply in relation to so much of the lump sum as does not exceed the sum, or the aggregate of the sums, referred to in paragraph 53(1)(b).
3
And the reference in section 395 of that Act (general rules) to the amount of the lump sum is to the amount of the remainder of the lump sum.

Inheritance tax
56
1
This paragraph applies in relation to a fund or scheme—
a
which is not a registered pension scheme , a qualifying non-UK pension scheme or a superannuation fund to which section 615(3) of ICTA applies, but
b
to which section 151 of the Inheritance Tax Act 1984 (c. 51) (treatment of pension rights) applied immediately before 6th April 2006.
2
If no contributions are made under the fund or scheme on or after that date—
a
section 151 of the Inheritance Tax Act 1984 continues to apply to the fund or scheme on and after that date for all purposes of that Act, and
b
property which is part of or held for the purposes of the fund or scheme does not constitute relevant property for the purposes of Chapter 3 of Part 3 of that Act (settlements without interest in possession).
3
In any other case, paragraphs 57 and 58 apply to the fund or scheme on and after that date.
4
In this paragraph “
qualifying non-UK pension scheme
” has the same meaning as in the Inheritance Tax Act 1984 (see section 271A of that Act).
57
1
The percentage of the assets of the fund or scheme which at any time is the protected percentage of those assets does not at that time constitute relevant property for the purposes of Chapter 3 of Part 3 of the Inheritance Tax Act 1984 (settlements without interest in possession).
2
“The protected percentage” of the assets of the fund or scheme at a time is—
ACV/V × 100
where—
V is the market value of the assets of the fund or scheme at that time, and
ACV is the adjusted commencement value, that is an amount equal to the market value of the assets of the fund or scheme on 5th April 2006, but subject to the adjustments provided by sub-paragraph (3).
3
The adjustments are—
a
an increase by the percentage by which the retail prices index for the month of September immediately preceding the time in question is greater than that for April 2006, and
b
a reduction by the amount of any relevant payments made under the fund or scheme on or after 6th April 2006 and before that time.
4
“Relevant payments”are payments other than—
a
payments of costs or expenses, or
b
payments which are (or will be) income of any person for any of the purposes of income tax.
58
1
Section 151 of the Inheritance Tax Act 1984 (treatment of pension rights) continues to apply to so much of the assets of the fund or scheme at any time as does not exceed the amount that is the protected amount at that time.
2
But sub-paragraph (1) does not affect the operation of subsection (1)(d) of section 58 of that Act (because paragraph 57 makes provision about the extent to which the assets of the fund or scheme constitute relevant property within the meaning given by that section).
3
If inheritance tax has not previously been chargeable (otherwise than only because of this paragraph) by reference to the value of the assets of the fund or scheme on or after 6th April 2006, the protected amount is an amount equal to the amount of the market value of the assets of the fund or scheme on 5th April 2006, but subject to the adjustments provided by sub-paragraph (4).
4
The adjustments are—
a
an increase by the percentage by which the retail prices index for the month of September immediately preceding the time in question is greater than that for April 2006, and
b
a reduction by the amount of any relevant payments made under the fund or scheme on or after 6th April 2006 and before that time.
5
If inheritance tax would (apart from this paragraph) have previously been chargeable by reference to the value of the assets of the fund or scheme on one or more occasions on or after 6th April 2006, the protected amount is what it was immediately before the occasion, or (where there has been more than one) the last occasion, on which inheritance tax would have been so chargeable (“the relevant tax occasion”), but—
a
reduced by the value of the property on which inheritance tax would have been chargeable on the relevant tax occasion, and
b
subject to the adjustments provided by sub-paragraph (6).
6
The adjustments are —
a
an increase by the percentage by which the retail prices index for the month of September immediately preceding the time in question is greater than that for the month in which the relevant tax occasion fell, and
b
a reduction by the amount of any relevant payments made under the fund or scheme since the relevant tax occasion.
7
“Relevant payments”are payments other than—
a
payments of costs or expenses, or
b
payments which are (or will be) income of any person for any of the purposes of income tax.
Words in Sch. 36 para. 12(2)(c) substituted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(2), 24(3)
Sch. 36 para. 12(2A)-(2C) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(3), 24(3)
Sch. 36 para. 12(7)(a) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(4)(a), 24(3)
Words in Sch. 36 para. 12(7)(b) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(4)(b), 24(3)
Words in Sch. 36 para. 12(7)(c) substituted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(4)(c), 24(3)
Words in Sch. 36 para. 12(8)(a) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(5), 24(3)
Sch. 36 para. 12(8)(c)(d) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(6), 24(3)
Sch. 36 para. 12(8A)(8B) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(7), 24(3)
Words in Sch. 36 para. 12(9)(a) omitted (retrospectively) by virtue of Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(a), 24(3)
Words in Sch. 36 para. 12(9)(b) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(b), 24(3)
Words in Sch. 36 para. 12(9)(b) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(b), 24(3)
Sch. 36 para. 12(9)(c) and preceding word inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(8)(c), 24(3)
Sch. 36 para. 12(10) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 17(9), 24(3)
Words in Sch. 36 para. 15(2) inserted (retrospectively) by Finance Act 2007 (c. 11), Sch. 20 paras. 19(2), 24(3)
Sch. 36 para. 1(4A) inserted (retrospectively) by Finance Act 2018 (c. 3), Sch. 3 paras. 1(8), 2(4)
Words in Sch. 36 para. 41(a) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 656(2) (with Sch. 2)
Words in Sch. 36 para. 53(2)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 656(3) (with Sch. 2)
Words in Sch. 36 para. 54(1)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(a)
Words in Sch. 36 para. 54(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(b)(i)
Words in Sch. 36 para. 54(5) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(b)(ii)(aa)
Words in Sch. 36 para. 54(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 182(b)(ii)(bb)
Sch. 36 para. 4(1) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Sch. 36 para. 4(2) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Sch. 36 para. 4(3) modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Sch. 36 para. 6 modified (6.4.2006) by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 3(1)(2), Sch. 3 Pt. 1
Sch. 36 para. 8(5) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 9, 11; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(5))
Sch. 36 para. 20(2)(b) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 20; (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(11)(b))
Sch. 36 para. 31 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 21, 22
Sch. 36 para. 31(3) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 26
Sch. 36 para. 4 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 27(1)(2)(4)
Sch. 36 para. 40(3) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 27(1)(2)(5)
Sch. 36 para. 1(1) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 27(1)-(3)
Sch. 36 para. 12(8) modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 35
Sch. 36 para. 15 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 36
Sch. 36 para. 7 applied (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 29(1)
Sch. 36 para. 7 construed as one with reg. 29 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 29(3)
Sch. 36 para. 12 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 30(2)
Sch. 36 para. 12 construed as one with reg. 30 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 30(3)
Sch. 36 Pt. 3 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 31(1)
Sch. 36 paras. 35, 36 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 32; (as amended (18.11.2024) by S.I. 2024/1012, regs. 1(2)(3), 26(5))
Sch. 36 para. 31 applied (6.4.2006) by The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 (S.I. 2006/131), regs. 1, 9(8)
Sch. 36 para. 15A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 41
Sch. 36 para. 17A inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(16), 64(1)
Word in Sch. 36 para. 21 heading substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(3), 64(1)
Sch. 36 paras. 37A-37I and cross-headings inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 15
Sch. 36 para. 9(5A)(5B) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 36(3)
Words in Sch. 36 para. 9(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 36(2)
Words in Sch. 36 para. 9(2) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(3)(a), 64(1), Sch. 11 Pt. 4
Words in Sch. 36 para. 9(2)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(3)(b), 64(1)
Words in Sch. 36 para. 9(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(4), 64(1)
Words in Sch. 36 para. 9(5)(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(a), 64(1)
Word in Sch. 36 para. 9(5)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(a), 64(1)
Sch. 36 para. 9(5)(aa) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(b), 64(1)
Words in Sch. 36 para. 9(5)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(c), 64(1)
Word in Sch. 36 para. 9(5)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(5)(c), 64(1)
Word in Sch. 36 para. 9(4)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 45
Sch. 36 paras. 11A-11D inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 38
Words in Sch. 36 para. 3(2) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 51, 64(1)
Sch. 36 paras. 11D(2A)-(2C) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 15, 24(3)
Sch. 36 para. 12(2)(aa) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(3), 64(1)
Word in Sch. 36 para. 12(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(5), 64(1)
Word in Sch. 36 para. 12(6) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(5), 64(1)
Words in Sch. 36 para. 12(9)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(6)(a), 64(1)
Words in Sch. 36 para. 12(9)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(6)(b), 64(1)
Words in Sch. 36 para. 13(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(7), 64(1)
Words in Sch. 36 para. 14(1)(c) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(9), 64(1)
Sch. 36 para. 14(3)-(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 39
Sch. 36 para. 14(3A)-(3D) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 20 paras. 18, 24(3)
Words in Sch. 36 para. 15(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(2)
Words in Sch. 36 para. 15(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(3)
Words in Sch. 36 para. 15(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(4)
Words in Sch. 36 para. 15(6) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 40(5)
Sch. 36 para. 16(5A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(14), 64(1)
Words in Sch. 36 para. 16(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(12), 64(1)
Words in Sch. 36 para. 16(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(13), 64(1)
Sch. 36 para. 17(6) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 53(15), 64(1)
Words in Sch. 36 para. 22(4)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(5), 64(1)
Word in Sch. 36 para. 22(7)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(6)(a), 64(1)
Words in Sch. 36 para. 22(8) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 54(7), 64(1)
Words in Sch. 36 para. 22(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(3), 64(1)
Sch. 36 para. 22(6)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(4), 64(1)
Sch. 36 para. 22(7)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 43(2)
Sch. 36 para. 22(7A)-(7J) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 43(3)
Words in Sch. 36 para. 23(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(5), 64(1)
Words in Sch. 36 para. 26(2) repealed (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(7)(a), 64(1), Sch. 11 Pt. 4
Words in Sch. 36 para. 26(2)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(7)(b), 64(1)
Words in Sch. 36 para. 26(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(8), 64(1)
Words in Sch. 36 para. 26(4)(a) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(a), 64(1)
Word in Sch. 36 para. 26(4)(a) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(a), 64(1)
Sch. 36 para. 26(4)(aa) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(b), 64(1)
Words in Sch. 36 para. 26(4)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(c), 64(1)
Word in Sch. 36 para. 26(4)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 52(9)(c), 64(1)
Word in Sch. 36 para. 26(3)(a) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 45
Words in Sch. 36 para. 31(7) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(6), 64(1)
Words in Sch. 36 para. 51(5) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 55(7), 64(1)
Words in Sch. 36 para. 54(1)(b) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 46
Words in Sch. 36 para. 56(1)(a) inserted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 para. 18(7)(a)(8)
Sch. 36 para. 56(4) inserted (retrospective to 6.4.2006) by Finance Act 2008 (c. 9), Sch. 29 para. 18(7)(b)(8)
Word in Sch. 36 para. 57(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 58(2), 64(1)
Word in Sch. 36 para. 57(2) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 58(2), 64(1)
Word in Sch. 36 para. 58(6)(b) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 58(3), 64(1)
Sch. 36 para. 43 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 10 paras. 61(a), 64(2), Sch. 11 Pt. 4
Sch. 36 para. 46 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 10 paras. 61(b), 64(2), Sch. 11 Pt. 4
Sch. 36 para. 11D(5) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 485 (with Sch. 2)
Word in Sch. 36 para. 17A(1) inserted (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 10(a)
Sch. 36 para. 17A(1)(c) and preceding word repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 10(a), Sch. 27 Pt. 3(1)
Words in Sch. 36 para. 17A(2) repealed (19.7.2007) (with effect in accordance with Sch. 19 para. 29(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 19 para. 10(b), Sch. 27 Pt. 3(1)
Sch. 36 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23D (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3; and amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(15))
Words in Sch. 36 para. 12(8A)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(2) (with Sch. 2)
Words in Sch. 36 para. 22(7J) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(3) (with Sch. 2)
Words in Sch. 36 para. 37H(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 432(4) (with Sch. 2)
Sch. 36 Pt. 2 applied (with modifications) (1.5.2010) by The Financial Assistance Scheme (Tax) Regulations 2010 (S.I. 2010/1187), regs. 1(1), 5-11
Words in Sch. 36 para. 11D(2A) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 11D(2A) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 11D(2B)(b) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 11D(2B)(b) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 14(3A) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 14(3A) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 14(3D)(a) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 14(3D)(a) substituted by Equality Act 2010 (c. 15), Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by S.I. 2010/2279, art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 12(2C)(d) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(a) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Words in Sch. 36 para. 12(2C)(d) substituted by 2010 c. 15, Sch. 26 Pt. 1 para. 59(b) (as inserted (E.W.S.) (1.10.2010) by The Equality Act 2010 (Consequential Amendments, Saving and Supplementary Provisions) Order 2010 (S.I. 2010/2279), art. 1(2), Sch. 1 para. 5 (see S.I. 2010/2317, art. 2))
Sch. 36 para. 22(7)(a) modified by S.I. 2006/572, art. 42(3) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4)
Sch. 36 para. 22(7)(a) modified by S.I. 2006/572, art. 43(3) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4)
Sch. 36 para. 23(7) modified by S.I. 2006/572, art. 42(3) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4)
Sch. 36 para. 23(7) modified by S.I. 2006/572, art. 43(4) (as inserted (with effect in accordance with art. 1(3) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 4)
Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZA(2) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(5) (with reg. 6))
Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZC(3) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3)
Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZD(2) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(6) (with reg. 6))
Sch. 36 para. 31(3) modified by S.I. 2006/572, art. 23ZE(3) (as inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order 2011 (S.I. 2011/732), arts. 1(1), 3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(7) (with reg. 6))
Sch. 36 para. 12(7)-(8B) applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(9)
Sch. 36 para. 12(2A)-(2C) applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(10)
Sch. 36 para. 14 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(11)
Sch. 36 para. 53(3) applied by 2003 c. 1, s. 554U(2) (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 2 para. 1)
Sch. 36 para. 17A applied (with modifications) (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(8)
Word in Sch. 36 para. 36(3) inserted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(a)(i)
Sch. 36 para. 36(3)(c) and word omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(a)(ii)
Sch. 36 para. 36(4) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(b)
Sch. 36 para. 36(8) omitted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(b)
Words in Sch. 36 para. 36(9) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(c)(i)
Words in Sch. 36 para. 36(9) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(c)(ii)
Words in Sch. 36 para. 36(10)(a) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(d)
Words in Sch. 36 para. 36(11) substituted (with effect in accordance with Sch. 16 paras. 85, 103 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(6)(e)
Sch. 36 para. 49 cross-heading omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 25
Sch. 36 para. 49 omitted (with effect in accordance with Sch. 17 Pt. 2 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 17 para. 25
Sch. 36 para. 20(4) 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. 82(2)
Sch. 36 para. 34 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 21, 23 (as amended (1.1.2009) by S.I. 2008/2990, arts. 1(1), 4; (with effect in accordance with art. 1(2) of the amending S.I.) by S.I. 2011/1782, arts. 1(1), 2(2); and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1167, regs. 1(2)(3), 4(4) (with reg. 6))
Sch. 36 para. 51 applied (N.I.) (1.7.2012) by The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 (S.R. 2010/122), regs. 1(1), 47(6) (as amended (1.7.2012) by S.R. 2012/237, regs. 1(1)(b), 2(2))
Sch. 36 para. 14(2) omitted (retrospective to 6.4.2013) by virtue of Finance Act 2013 (c. 29), s. 52(9)(10)
Sch. 36 para. 12(7)-(8B) applied (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(8)
Sch. 36 para. 12(2A)-(2C) applied (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(9)
Sch. 36 para. 17A applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(7)
Sch. 36 para. 14 applied (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(10)
Words in Sch. 36 para. 31(8) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 9(a), 15
Words in Sch. 36 para. 31(8) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 9(b), 15
Sch. 36 para. 22(6A) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 7(1), 15
Words in Sch. 36 para. 23(6) inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 7(2), 15
Sch. 36 para. 20(4) applied (with modifications) (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 2(3)(4)(7)(8)
Sch. 36 para. 23ZA inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 78(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 78(1)
Words in Sch. 36 para. 20(4)(a) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 77(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 77(1)
Words in Sch. 36 para. 20(4)(b) inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 77(3) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 77(1)
Sch. 36 para. 45 and cross-heading inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 19
Sch. 36 para. 20(4)(c) and word inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 28(1)(b), (2)
Words in Sch. 36 para. 20(4)(b) substituted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 28(1)(a), (2)
Sch. 36 para. 12(7)-(8B) applied (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 6
Sch. 36 para. 12(2A)-(2C) applied (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 7
Sch. 36 para. 14 applied (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 4(4)
Sch. 36 para. 17A applied (with modifications) (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 5
Sch. 36 para. 20(4) applied (with modifications) (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 10(3)
Sch. 36 para. 20(4) applied (with modifications) (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 10(7)
Sch. 36 applied (1.6.2018) by The Local Government Pension Scheme (Scotland) Regulations 2018 (S.S.I. 2018/141), regs. 1(1), 48(2)
Sch. 36 para. 22(7K)-(7M) inserted (retrospective to 1.3.2020) by Finance Act 2020 (c. 14), s. 108(3)(4)
Sch. 36 para. 22(7F)(c) and word inserted (retrospective to 1.3.2020) by Finance Act 2020 (c. 14), s. 108(2)(4)
Words in Sch. 36 para. 21(1) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(4)(a)
Words in Sch. 36 para. 21(2) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(4)(b)
Words in Sch. 36 para. 23ZA(2) inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(6)(b)
Sch. 36 paras. 23ZB, 23ZC and cross-headings inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(5)
Sch. 36 para. 22 cross-heading inserted (24.2.2022) by Finance Act 2022 (c. 3), s. 10(6)(a)
Words in Sch. 36 para. 12(2) inserted (for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 23(2)(8)
Sch. 36 para. 23A and cross-heading omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 80, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 35 and cross-heading omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 88, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 Pt. 2 heading substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 66, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 paras. 20A-20G and cross-headings inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 78, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 7 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 68, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Word in Sch. 36 para. 11(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 11(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 11(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 11(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 11(5) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 69(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Word in Sch. 36 para. 11A(1)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 11A(4)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 11A(4)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 11A(5) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 70(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 13(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 72, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 15(2A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 73(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Word in Sch. 36 para. 15(2) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 73(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 15(2) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 73(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sum in Sch. 36 para. 16(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 74, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 18 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 75, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 19(1) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 19(1A)(1B) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 19(2)(2A) substituted for Sch. 36 para. 19(2) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 19(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 19(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 19(5) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 76(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 19(6) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 76(6), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 19(7) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 76(7), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 20(1) renumbered as Sch. 36 para. 20(1)(a) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(2)(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 20(1)(b) and word inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(2)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 20(1A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 20(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(a)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 20(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(a)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 20(2)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 20(2)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(c)(i), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 20(2)(b) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 77(4)(c)(ii), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 24(1)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 81(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)
Words in Sch. 36 para. 28(1) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 83(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 28(2) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 83(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 28(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 83(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 29 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 84, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 para. 29A inserted and then immediately omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 85, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4) and The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(14)
Sch. 36 para. 30 omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 86, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Words in Sch. 36 para. 51(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 89, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)
Sch. 36 Pt. 2 amendment to earlier transitional provisions 2024 c. 3, Sch. 9 paras. 125-132A (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 17
Sch. 36 para. 20A applied (with modifications) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2006/575, reg. 23A (as amended by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 26(3))
Sch. 36 para. 20C modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2006/572, arts. 12, 13 (as amended by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(7))
Sch. 36 para. 20D modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2006/572, arts. 12, 14 (as amended by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 25(8))
Sch. 36 para. 12A inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(5)
Sch. 36 para. 20H and cross-heading inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(16)
Sch. 36 para. 34A inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(9) (with reg. 6)
Sch. 36 para. 6A and cross-heading omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(2)
Words in Sch. 36 para. 20G heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(15)(a)
Words in Sch. 36 para. 20C heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(11)(a)
Words in Sch. 36 para. 20D heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(12)(a)
Words in Sch. 36 para. 20F heading substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(14)(a)
Sch. 36 para. 7(2)(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(3)(a)
Word in Sch. 36 para. 7(6) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(3)(b)
Words in Sch. 36 para. 7(8)(b) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(3)(c)
Sch. 36 para. 12(3A) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(4)(a)
Sch. 36 para. 12(3B)-(3H) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(4)(b)
Sch. 36 para. 18(2)(3) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(6)(a)
Words in Sch. 36 para. 18(7) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(6)(b)
Sch. 36 para. 19(1C) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(7)(b)
Word in Sch. 36 para. 19(2) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(7)(c)
Words in Sch. 36 para. 19(1B) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(7)(a)
Sch. 36 para. 20(2A) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(2) (with reg. 6)
Words in Sch. 36 para. 20(2)(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(c)
Word in Sch. 36 para. 20(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(a)(i)
Words in Sch. 36 para. 20(1)(a) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(a)(ii)
Words in Sch. 36 para. 20(1A)(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(8)(b)
Sch. 36 para. 20A(3)(3A) substituted for Sch. 36 para. 20A(3) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(9)(b)
Sch. 36 para. 20A(10) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(3)(b) (with reg. 6)
Words in Sch. 36 para. 20A(1) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(9)(a)
Words in Sch. 36 para. 20A(8) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(9)(c)
Sch. 36 para. 20A(5) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(3)(a) (with reg. 6)
Sch. 36 para. 20B(2)(2A) substituted for Sch. 36 para. 20B(2) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(b)
Words in Sch. 36 para. 20B(1) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(a)
Sch. 36 para. 20B(3) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(c)
Sch. 36 para. 20B(4) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(c)
Words in Sch. 36 para. 20B(8) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(10)(d)
Sch. 36 para. 20C(8) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(c) (with reg. 6)
Sch. 36 para. 20C(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(11)(b)
Sch. 36 para. 20C(4): sum in formula “£1,000,000” substituted for “SLA” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(a)(i) (with reg. 6)
Words in Sch. 36 para. 20C(4) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(a)(ii) (with reg. 6)
Sch. 36 para. 20C(7): sum in formula “£1,000,000” substituted for “SLA” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(b)(i) (with reg. 6)
Words in Sch. 36 para. 20C(7) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(4)(b)(ii) (with reg. 6)
Sch. 36 para. 20D(8) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(5)(b) (with reg. 6)
Sch. 36 para. 20D(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(12)(b)
Sch. 36 para. 20D(4): word “SLA” in formula substituted for sum “£1,000,000” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(5)(a)(i) (with reg. 6)
Words in Sch. 36 para. 20D(4) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(5)(a)(ii) (with reg. 6)
Sch. 36 para. 20E(4)(4A) substituted for Sch. 36 para. 20E(4) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(b)
Sch. 36 para. 20E(11) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(6)(b) (with reg. 6)
Words in Sch. 36 para. 20E(1) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(a)
Words in Sch. 36 para. 20E(9) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(c)
Words in Sch. 36 para. 20E(10)(a) omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(13)(d)
Words in Sch. 36 para. 20E(6) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(6)(a)(ii) (with reg. 6)
Sch. 36 para. 20E(6): in the formula, “SLA” is substituted for “£1,000,000” (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(6)(a)(i) (with reg. 6)
Sch. 36 para. 20F(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(14)(b)
Sch. 36 para. 20G(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(15)(b)
Sch. 36 para. 24(1)(b) and word omitted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(17)
Sch. 36 para. 27 substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(18)
Sch. 36 para. 28(A1) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 8(19)
Sch. 36 para. 31(1A) inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(b) (with reg. 6)
Words in Sch. 36 para. 31(3) renumbered as Sch. 36 para. 31(3)(a) (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(c)(i) (with reg. 6)
Sch. 36 para. 31(3)(b) and word inserted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(c)(ii) (with reg. 6)
Words in Sch. 36 para. 31(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(7)(a) (with reg. 6)
Sch. 36 para. 34 substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 3(8) (with reg. 6)
Sch. 36 para. 20H modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by 2003 c. 1, s. 637GA(4) (as inserted by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(9)(b) (with reg. 6))
Sch. 36 para. 20H modified (18.11.2024 for the tax year 2024-25 and subsequent tax years) by 2003 c. 1, s. 637GA(4) (as inserted by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(10)(b) (with reg. 6))