Amendment of Schedule 6
This section has no associated Explanatory Memorandum
5.—(1) Schedule 6 (continuity option 1: transfer out and winding up) is amended as follows.
(2) In paragraph 1(1)—
(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) After paragraph 2(1)(b) insert—
“(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 (pension schemes etc.);
(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 (pension schemes etc.);
(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 (pension schemes etc.).”.
(4) After paragraph 14(2)(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 (pension schemes etc.);
(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 (pension schemes etc.);
(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 (pension schemes etc.);”.