SCHEDULES

SCHEDULE 4Pensions: lifetime allowance: transitional provision

PART 4Information

Amendments of regulations

25

1

Regulation 11 (information provided to scheme administrator by member intending to rely on transitional protection in connection with lifetime allowance) is amended as follows.

2

In paragraph (1)—

a

omit the “or” at the end of sub-paragraph (b),

b

after sub-paragraph (c) (but before the closing words of paragraph (1)) insert

, or

d

fixed protection 2016 by virtue of Part 1 of Schedule 4 to the Finance Act 2016,

c

in those closing words—

i

before “the Commissioners” insert “ or on behalf of ”, and

ii

before “in respect of that entitlement” insert “ or Schedule 4 to the Finance Act 2016 ”.

3

After paragraph (2) insert—

3

If the member of a registered pension scheme intends to rely on individual protection 2016 by virtue of Part 2 of Schedule 4 to the Finance Act 2016, the member must notify the scheme administrator of—

a

the reference number in respect of the member issued by or on behalf of the Commissioners for the purposes of paragraph 9(2) of that Schedule, and

b

the member's relevant amount calculated in accordance with Part 2 of that Schedule.

4

In the heading—

a

for the “or” substitute a comma, and

b

at the end insert “ , fixed protection 2016 or individual protection 2016 ”.