Sch. V para. 23AA inserted (coming into force in accordance with art. 1(2)(b) of the amending S.I.) by The Pensions Act 2014 (Consequential, Supplementary and Incidental Amendments) Order 2015 (S.I. 2015/1985), arts. 1(2)(b), 24(3)

http://www.legislation.gov.uk/uksi/2002/1792/schedule/V/paragraph/23AAThe State Pension Credit Regulations 2002texttext/xmlenStatute Law DatabaseSOCIAL SECURITY2024-11-29Expert Participation2024-11-16The Regulations contained in this Instrument are made either by virtue of, or in consequence of, provisions in the State Pension Credit Act 2002 (c.16) (“the 2002 Act”). This Instrument is made before the expiry of the period of 6 months beginning with the coming into force of those provisions; the regulations in it are therefore exempt in accordance with section 173(5) of the Social Security Administration Act 1992 from the requirement in section 172(2) of that Act to refer proposals to make Regulations to the Social Security Advisory Committee and are made without reference to that Committee.The State Pension Credit Regulations 2002SCHEDULE V INCOME FROM CAPITALPART ICapital disregarded for the purpose of calculating income23AA.

Where a person chooses a lump sum under section 8(2) of the Pensions Act 2014 or in accordance with Regulations made under section 10 of that Act which include provision corresponding or similar to section 8(2) of that Act, or fails to make a choice, and a lump sum payment has been made, an amount equal to—

(a)

except where sub-paragraph (b) applies, the amount of any payment or payments made on account of that lump sum;

(b)

the amount of that lump sum,

but only for so long as that person does not alter that choice in favour of an increase of pension.

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Sch. V para. 23AA inserted (coming into force in accordance with art. 1(2)(b) of the amending S.I.) by
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<num>SCHEDULE V</num>
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<b>PART I</b>
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23AA.
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