Finance Act 2011, Cross Heading: Unsecured and alternatively secured pension to be replaced by drawdown pension is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
1(1)In Part 4 of FA 2004 (pension schemes etc), section 165 (pension rules) is amended as follows.U.K.
(2)In subsection (1)—
(a)in pension rule 4—
(i)for “If the member has not reached the age of 75, no payment of pension” substitute “ No payment of pension ”, and
(ii)for paragraph (c) substitute—
“(c)drawdown pension,”;
(b)for pension rule 5 substitute— “ Pension rule 5 The total amount of drawdown pension paid in each drawdown pension year in respect of a money purchase arrangement must not exceed 100% of the basis amount for the drawdown pension year. ”;
(c)omit pension rules 6 and 7.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 16 para. 1(3) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(2)(4)
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