Prospective
Amendment of Schedule 6N.I.
This section has no associated Explanatory Memorandum
5.—(1) Schedule 6 (continuity option 1: transfer out and winding up) is amended in accordance with paragraphs (2) to (4).
(2) In paragraph 1(1) (definitions)—
(a)after the definition of “default discharge option” insert—
““dependant” has the meaning given in paragraph 15 of Schedule 28 to the Finance Act 2004();
“dependants’ income withdrawal” has the meaning given in paragraph 21() of Schedule 28 to the Finance Act 2004;
“dependant’s flexi-access drawdown fund” has the meaning given in paragraph 22A() of Schedule 28 to the Finance Act 2004;”;
(b)after the definition of “member’s flexi-access drawdown fund” insert—
““nominee” has the meaning given in paragraph 27A() of Schedule 28 to the Finance Act 2004;
“nominees’ income withdrawal” has the meaning given in paragraph 27D of Schedule 28 to the Finance Act 2004;
“nominee’s flexi-access drawdown fund” has the meaning given in paragraph 27E() of Schedule 28 to the Finance Act 2004;”;
(c)after the definition of “quantification” insert—
““successor” has the meaning given in paragraph 27F of Schedule 28 to the Finance Act 2004;
“successors’ income withdrawal” has the meaning given in paragraph 27J of Schedule 28 to the Finance Act 2004;
“successor’s flexi-access drawdown fund” has the meaning given in paragraph 27K() of Schedule 28 to the Finance Act 2004;”.
(3) In paragraph 2(1) (alternative ways of discharging the scheme’s liability)—
(a)in head (b) for “etc.).” substitute “etc);”;
(b)after head (b) add—
“(c)transferring the value of those rights to a dependant’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the dependant to dependants’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;
(d)transferring the value of those rights to a nominee’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the nominee to nominees’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;
(e)transferring the value of those rights to a successor’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the successor to successors’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004.”.
(4) In paragraph 14(2) (beneficiaries’ response to trustees)—
(a)in head (c) for “etc).” substitute “etc);”;
(b)after head (c) insert—
“(ca)transferring the value of those rights to a dependant’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the dependant to dependants’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;
(cb)transferring the value of those rights to a nominee’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the nominee to nominees’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;
(cc)transferring the value of those rights to a successor’s flexi-access drawdown fund in respect of an arrangement for the purposes of entitlement by the successor to successors’ income withdrawal which is an authorised member payment for the purposes of Part 4 of the Finance Act 2004;”.