Version Superseded: 19/07/2011
Point in time view as at 01/01/2011.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 21.
21(1)For the purposes of this Part a lump sum death benefit is a winding-up lump sum death benefit if—U.K.
(a)the pension scheme is being wound-up,
(b)it is paid to a dependant entitled under the pension scheme to pension death benefit in respect of the member, and
(c)it extinguishes the dependant’s entitlement under the pension scheme to pension death benefit and lump sum death benefit in respect of the member.
(2)But if the amount of a lump sum falling within sub-paragraph (1) exceeds 1% of the standard lifetime allowance on the date the lump sum is paid, the excess is not a winding-up lump sum death benefit.
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