SCHEDULES
SCHEDULE 36Pension schemes etc: transitional provisions and savings
Part 3Pre-commencement benefit rights
Lump sum rights exceeding £375,000: primary and enhanced protection
30
1
Any part of a lump sum falling within paragraph 1 (1) of Schedule 29 which—
a
under paragraph 1(2) of that Schedule is not a pension commencement lump sum (because the lump sum exceeds the permitted maximum), and
b
is an unauthorised payment,
is to be treated as exempt from being scheme chargeable (under section 241(2)) if the condition in sub-paragraph (2) is met.
2
The condition is that it would not have been an unauthorised payment if—
a
paragraphs 27 and 29 (in the case of an individual in relation to whom paragraph 12 applies), or
b
paragraph 28 (in the case of an individual in relation to whom paragraph 12 does not apply),
had not applied.