SCHEDULES
C2SCHEDULE 36Pension schemes etc: transitional provisions and savings
C1Part 3Pre-commencement benefit rights
Sch. 36 Pt. 3 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 31(1)
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 in relation to pension commencement lump sums), and
b
paragraph 30 (which makes provision about scheme chargeable payments),
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.
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)