C1C3C4C5C6C8C9C10C11C15C17C18C19C20C21Part 4Pension schemes etc
Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 9, 10
Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 12
Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 13(5)
Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 26
Pt. 4 modified (31.12.2007) by Police and Justice Act 2006 (c. 48), s. 53(1), Sch. 3 para. 7; S.I. 2007/3203, art. 3(b)
Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)
Pt. 4 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), reg. 5A (as inserted (6.4.2006) by S.I. 2008/2990, arts. 1(1), 3)
Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18
Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)
Pt. 4 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(2)
Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)
Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)
Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1
Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)
C15Chapter 3Payments by registered pension schemes
Authorised member payments
I1C7C12C15C14C13C16167C15Pension death benefit rules
C21
These are the rules relating to the payment of pension death benefits by a registered pension scheme in respect of a member of the pension scheme (“the pension death benefit rules”).
Pension death benefit rule 1
No payment of pension death benefit may be made otherwise than to a dependantF9, or nominee or successor, of the member.
Pension death benefit rule 2
No payment of pension death benefit other than a dependants' scheme pension may be made in respect of a defined benefits arrangement F17or a collective money purchase arrangement.
Pension death benefit rule 3
F2No payment of pension death benefit other than—
- a
a dependants' scheme pension,
- b
a dependants' annuity, or
- c
F3dependants’ drawdown pension,
may be made to F4a dependant in respect of a money purchase arrangement F18that is not a collective money purchase arrangement; but a dependants' scheme pension may only be paid if the member or dependant had an opportunity to select a dependants' annuity instead.
- a
F10Pension death benefit rule 3A
No payment of pension death benefit, other than F13a nominees' annuity in respect of a money purchase arrangement or nominees' drawdown pension in respect of a money purchase arrangement, may be made to a nominee of the member.
F10Pension death benefit rule 3B
No payment of pension death benefit, other than F14a successors' annuity in respect of a money purchase arrangement or successors' drawdown pension in respect of a money purchase arrangement, may be made to a successor of the member.
F5Pension death benefit rule 4
The total amount of dependants’ drawdown pension paid to a dependant in each drawdown pension year F8from, or under a dependants' short-term annuity purchased using sums or assets out of, the dependant's drawdown pension fund in respect of a money purchase arrangement must not exceed F7150% of the basis amount for the drawdown pension year.
F15...
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F111A
For the purposes of this Part, a person becomes entitled to dependants' income withdrawal, nominees' income withdrawal or successors' income withdrawal under a registered pension scheme whenever sums or assets held for the purposes of an arrangement under the pension scheme are designated as available for the payment of (as the case may be) dependants' drawdown pension, nominees' drawdown pension or successors' drawdown pension.
2
F1In this part “pension death benefit” means a pension payable on the death of the member (other than a member’s pension payable after the member’s death under pension rule 2: see section 165)F12, or a pension payable in respect of the member on the subsequent death of a dependant, nominee or successor of the member.
F162A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F162B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Part 2 of Schedule 28 gives the meaning of expressions used in the pension death benefit rules.
Pt. 4 modified (N.I.) (1.4.2006) by The Firemens Pension Scheme Order (Northern Ireland) 2006 (S.R. 2006/210), arts. 1(2), 103