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28(1)If paragraph 12 (enhanced protection) does not apply in relation to the individual, paragraph 2 of Schedule 29 applies in relation to the individual with the following modifications.U.K.
(2)If the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 (calculated in accordance with paragraphs 25 and 26) was nil, the permitted maximum under paragraph 2 is nil.
(3)Otherwise, paragraph 2 applies as if for [F1sub-paragraphs (5) to (7A)] there were substituted—
“(5)If sub-paragraph (2) does not apply, the permitted maximum is the available portion of the member’s lump sum allowance.
(6)The available portion of the member’s lump sum allowance is—
where—
VULSR is the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 (calculated in accordance with paragraphs 25 and 26 of Schedule 36), as adjusted under sub-paragraph (6A), and
APCLS is the aggregate of the amounts of each pension commencement lump sum to which the individual has previously become entitled, as adjusted under sub-paragraph (7) (or, if the individual has not previously become entitled to a pension commencement lump sum, is nil).
[F2(6A)The adjustment referred to in the definition of VULSR is the multiplication of the value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 by—
where—
[F3ULA is the underpinned lifetime allowance, and]
FSLA is £1,500,000 (the standard lifetime allowance for the tax year 2006-07).]
[F2(7)The adjustment of the amount of a pension commencement lump sum to which the individual has previously become entitled referred to in the definition of APCLS is the multiplication of the amount by—
where—
[F3ULA is the underpinned lifetime allowance, and]
PSLA is the standard lifetime allowance at the time the individual became entitled to the lump sum] [F4if that occurred before 6 April 2012 but, if that occurred on or after 6 April 2012, PSLA is the greater of £1,800,000 and the standard lifetime allowance at the time the individual became entitled to the lump sum].
[F5(7A)The underpinned lifetime allowance” is the greater of the current standard lifetime allowance and £1,800,000 (the standard lifetime allowance for the tax year 2011-12).”]
Textual Amendments
F1Words in Sch. 36 para. 28(3) substituted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 82(3)
F2Word in Sch. 36 para. 28(3) formula substituted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 10(2)(a)
F3Words in Sch. 36 para. 28(3) substituted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 10(2)(b)
F4Words in Sch. 36 para. 28(3) inserted (with effect in accordance with Sch. 4 para. 28(4) of the amending Act) by Finance Act 2016 (c. 24), Sch. 4 para. 28(2)
F5Words in Sch. 36 para. 28(3) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 10(3)
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