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 (but subject to sub-paragraph (2)).U.K.
(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 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.
(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—
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 as a result of a block transfer to it from a pension scheme (“the original pension scheme”) in relation to which condition A is met.
(8)“Block transfer” has the same meaning as in paragraph 22(6), but treating the references there to the member as references to the individual.
(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.