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Finance Act 2011

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Changes over time for: Paragraph 44

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Finance Act 2011, Paragraph 44 is up to date with all changes known to be in force on or before 27 February 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. Help about Changes to Legislation

44(1)Schedule 32 to FA 2004 (benefit crystallisation events: supplementary) is amended as follows.U.K.

(2)After paragraph 14 insert—

Benefit crystallisation event 5B: meaning of “remaining unused funds”U.K.

14AFor the purposes of benefit crystallisation event 5B “remaining unused funds” means—

(a)in relation to a cash balance arrangement, a sum equal to what would, on the valuation assumption in section 277(a), be available for the provision of benefits to or in respect of the member if the member became entitled to them on reaching the age of 75, and

(b)in relation to any other arrangement, such of the sums and assets held for the purposes of the arrangement as are not member-designated funds and have not been applied towards the provision of a scheme pension or a dependants' scheme pension.

(3)After paragraph 15 insert—

Benefit crystallisation event 6: prevention of overlap with other eventsU.K.

15ABenefit crystallisation event 6 does not apply in relation to a pension commencement lump sum paid in respect of a money purchase arrangement if—

(a)the individual becomes entitled to it before reaching the age of 75, but

(b)it is not paid to the individual until after the individual has reached that age.

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