- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 19/07/2011
Point in time view as at 19/07/2007.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 29.
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29(1)If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, paragraph 3 of Schedule 29 (applicable amount) applies with the following modifications.U.K.
(2)Paragraph 3 applies as if for sub-paragraphs (1) to (3) there were substituted—
“(1)Where the member becomes entitled to income withdrawal, the applicable amount 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,
VUR is the value of the individual’s uncrystallised pension rights on 5th April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule,
LS is the lump sum paid, and
AD is the aggregate of the amount of the sums, and the market value of the assets, designated as available for the payment of unsecured pension on that occasion.
(2)For the purposes of sub-paragraph (1) there is to be deducted from the aggregate of the lump sum and the amount of the sums and the market value of the assets designated as available for the payment of unsecured pension so much (if any) of that amount as represents rights which are attributable to a disqualifying pension credit.
(3)Where the member becomes entitled to a lifetime annuity, the applicable amount is—
where—
VULSR, VUR and LS have the same meaning as in sub-paragraph (1), and
APP is the annuity purchase price.”
(3)Paragraph 3 applies as if for sub-paragraphs (5) to [F1(7A)] there were substituted—
“(5)There is to be deducted from the aggregate of the amount of the lump sum and the annuity purchase price—
(a)if the annuity is purchased (in whole or in part) by the application of sums or assets representing the whole or part of the member’s unsecured pension fund, the aggregate of the amount of those sums and the market value of those assets, and
(b)in any case, so much (if any) of the aggregate of the lump sum and the annuity purchase price as represents rights which are attributable to a disqualifying pension credit.
(6)Where the member becomes entitled to a scheme pension [F2under a defined benefits arrangement], the applicable amount is—
but subject to sub-paragraph (8).
(7)In sub-paragraph (6)—
VULSR, VUR and LS have the same meaning as in sub-paragraph (1), and
AC is the amount crystallised by reason of the member becoming entitled to the pension (see section 216).
[F3(7A)Where the member becomes entitled to a scheme pension under a money purchase arrangement, the applicable amount is (subject to sub-paragraph (8))—
where—
VULSR, VUR and LS have the same meaning as in sub-paragraph (1), and
SPPP is the scheme pension purchase price.”]
Textual Amendments
F1Word in Sch. 36 para. 29(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 24(2)
F2Words in Sch. 36 para. 29(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 24(3)
F3Words in Sch. 36 para. 29(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 24(4)
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