[F12A(1)This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is income withdrawal.U.K.
(2)The applicable amount is one third of the scheme pension capital value.
(3)The scheme pension capital value is (subject to sub-paragraph (4)) the aggregate of—
(a)the sums designated as available for the payment of drawdown pension on that occasion, and
(b)the market value of the assets so designated.
(4)There is to be deducted from the amount determined under sub-paragraph (3) so much (if any) of the sums and assets designated as mentioned in sub-paragraph (3)(a) or (b) as represent rights attributable to a disqualifying pension credit.]
Textual Amendments
F1Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)