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Changes over time for: Section 165


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/08/2022
Status:
Point in time view as at 24/02/2022. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Section 165.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
165Pension rulesU.K.
(1)These are the rules relating to the payment of pensions by a registered pension scheme to a member of the pension scheme (“the pension rules”).
Pension rule 1
No payment of pension may be made before the day on which the member reaches normal minimum pension age, unless the ill-health condition was met immediately before the member became entitled to a pension under the pension scheme.
Pension rule 2
If the member dies before the end of the period of ten years beginning with the day on which the member became entitled to a scheme pension [or an annuity], [and if in the case of an annuity that day was before 6 April 2015,] payment of the scheme pension [or annuity] may continue to be made (to any person) until the end of that period.
[If the member becomes entitled to an annuity on or after 6 April 2015 and the annuity is payable until the later of the member's death and the end of a term certain, payment of the annuity may continue to be made (to any person) until the end of that term.]
[Except as provided by the preceding provisions of this rule, no] payment of the member’s pension may be made after the member’s death.
Pension rule 3
No payment of pension other than a scheme pension may be made in respect of a defined benefits arrangement.
Pension rule 4
[No payment of pension] other than—
(b)
a lifetime annuity, or
may be made in respect of a money purchase arrangement; but a scheme pension may only be paid if the member had an opportunity to select a lifetime annuity instead.
[Pension rule 5
The total amount of drawdown pension paid in each drawdown pension year [from, or under a short-term annuity purchased using sums or assets out of, the member's drawdown pension fund] in respect of a money purchase arrangement must not exceed [150%] of the basis amount for the drawdown pension .]
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)In this Part “pension”, in relation to a registered pension scheme, includes—
(a)an annuity, and
(b)income withdrawal.
(3)For the purposes of this Part, a person becomes entitled to a pension under a registered pension scheme—
(a)in the case of income withdrawal under the pension scheme, whenever sums or assets held for the purposes of an arrangement under the pension scheme are designated as available for the payment of [drawdown pension], and
(b)in any other case, when the person first acquires an actual (rather than a prospective) right to receive the pension
[and, for this purpose, the abatement of a scheme pension under a public service pension scheme is not to be taken to affect the right to receive it].
(3A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Part 1 of Schedule 28 gives the meaning of expressions used in the pension rules.
Textual Amendments
Modifications etc. (not altering text)
Commencement Information
Yn ôl i’r brig