Finance Act 2011

8 (1) Paragraph 10 of that Schedule (basis amount) is amended as follows. U.K.

(2) For sub-paragraph (1) substitute—

“(A1) This paragraph applies in relation to drawdown pension years beginning on or before the member's 75th birthday.

(1) Subject as follows, the period of three drawdown pension years beginning with the first drawdown pension year, and each succeeding period of three drawdown pension years, is a “reference period”.

(1ZA) But the reference period in which the member reaches the age of 75 ends with the drawdown pension year in which the member reaches that age.”

(3) In sub-paragraph (1B)(b)—

(a) after “subject to” insert “ sub-paragraph (1ZA) and ”;

(b) for “five unsecured pension years” (in both places) substitute “ three drawdown pension years ”.

(4) In sub-paragraphs (2) and (4)—

(a) for “unsecured pension year” substitute “ drawdown pension year ”;

(b) for “member's unsecured pension fund” substitute “ member's drawdown pension fund ”.

(5) In sub-paragraph (5)—

(a) for “an unsecured pension year” substitute “ a drawdown pension year ”;

(b) for “that unsecured pension year” substitute “ that drawdown pension year ”.

(6) In sub-paragraph (6)—

(a) for “unsecured pension year” substitute “ drawdown pension year ”;

(b) for “member's unsecured pension fund” substitute “ member's drawdown pension fund ”.

(7) After sub-paragraph (6) insert—

“(6A) But sub-paragraph (5) does not apply where the operation of that sub-paragraph in relation to an additional fund designation during a drawdown pension year would reduce the basis amount for that drawdown pension year.”

(8) In sub-paragraph (7), for “member's unsecured pension fund” substitute “ member's drawdown pension fund ”.

(9) In sub-paragraph (8), for “unsecured pension” substitute “ drawdown pension ”.

(10) In sub-paragraph (8A), for “member's unsecured pension fund” substitute “ member's drawdown pension fund ”.

(11) In sub-paragraph (9)(b), for “unsecured pension year” substitute “ drawdown pension year ”.

F1 (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 16 para. 8(12) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(2)(4)