93(1)Schedule 4 to FA 2016 (pensions: lifetime allowance: transitional provision) is amended as follows is amended as follows.
(2)In the heading, for “lifetime allowance” substitute “lump sum allowance and lump sum and death benefit allowance”.
(3)In Part 1 (“fixed protection 2016”)—
(a)in paragraph 1 (the protection), for sub-paragraph (2) substitute—
“(2)Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were £312,500, and
(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were £1,250,000.”;
(b)in paragraph 2 (the initial conditions), in paragraph (b), for “make provision for a lifetime allowance enhancement factor” substitute “apply on 6 April 2016”.
(4)In Part 2 (“individual protection 2016”), in paragraph 9 (the protection)—
(a)in sub-paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply on 6 April 2016”;
(b)for sub-paragraph (2) substitute—
“(2)Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
(a)the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—
(i)25% of the individual’s relevant amount;
(ii)£312,500, and
(b)the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—
(i)the individual’s relevant amount;
(ii)£1,250,000.”
(5)In Part 3 (reference numbers etc), in paragraph 14 (issuing of reference numbers for fixed or individual protection 2016), in sub-paragraph (3)(b), at the end insert “but before 6 April 2025”.