- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2006)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2006.
There are currently no known outstanding effects for the Finance Act 2006, Paragraph 22.
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22(1)Paragraph 3 of Schedule 29 (pension commencement lump sum: applicable amount) is amended as follows.U.K.
(2)In sub-paragraph (6), after “pension” insert “ under a defined benefits arrangement ”.
(3)After sub-paragraph (7) insert—
“(7A)Where the member becomes entitled to a scheme pension under a money purchase arrangement, the applicable amount is one third of the scheme pension purchase price.
(7B)“The scheme pension purchase price” is the aggregate of—
(a)the amount of such of the sums held for the purposes of the pension scheme, and
(b)the market value of such of the assets held for the purposes of the pension scheme,
as are applied in (or in connection with) the purchase or provision of the scheme pension and any related dependants' scheme pension, but subject to sub-paragraph (8).
(7C)For the purposes of this Part a dependants' scheme pension is related to a scheme pension payable to a member of a registered pension scheme if—
(a)the day on which one is purchased or sums or assets are applied for its provision is no earlier than seven days before, and no later than seven days after, the day on which the other is purchased or sums or assets are applied for its provision, and
(b)the dependants' scheme pension will be payable to a dependant of the member.”
(4)In sub-paragraph (8)—
(a)after “crystallised”, in the first place, insert “ or from the scheme pension purchase price ”, and
(b)after “crystallised”, in the second place, insert “ or of the scheme pension purchase price ”.
(5)After that sub-paragraph insert—
“(9)Sub-paragraph (10) applies if—
(a)sums or assets held for the purposes of, or representing accrued rights under, a money purchase arrangement relating to the member under a registered pension scheme (“member money purchase funds”) are subject to a relevant surrender or a relevant transfer,
(b)the sole or main purpose of the relevant surrender or relevant transfer is to increase the applicable amount on the member becoming entitled to a scheme pension, and
(c)the member becomes entitled to a scheme pension under a relevant defined benefits arrangement.
(10)The pension scheme under which the relevant defined benefits arrangement is an arrangement is to be treated as making an unauthorised payment to the member of any amount by which—
(a)the applicable amount in relation to the scheme pension under sub-paragraph (6), exceeds
(b)the amount which would be that applicable amount under sub-paragraph (7A) if the arrangement were a money purchase arrangement.
(11)For the purposes of sub-paragraph (9)—
(a)member money purchase funds are subject to a relevant surrender if they are surrendered and, in consequence of the surrender, there is a corresponding increase in the sums or assets held for the purposes of, or representing rights under, a defined benefits arrangement relating to the member under the pension scheme (or such an arrangement is established), and
(b)member money purchase funds are subject to a relevant transfer if they are transferred so as to become held for the purposes of, or to represent rights under, a defined benefits arrangement relating to the member under any other registered pension scheme.
(12)In sub-paragraphs (9) and (10) “relevant defined benefits arrangement” means—
(a)the defined benefits arrangement mentioned in paragraph (a) or (b) of sub-paragraph (11), or
(b)any other defined benefits arrangement relating to the member (under the pension scheme or any other registered pension scheme) in the case of which any of the sums or assets held for the purposes of, or representing accrued rights under, the arrangement directly or indirectly represent sums or assets previously held for the purposes of, or representing accrued rights under, the defined benefits arrangement so mentioned.”
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