The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024

Schedule 29 to FA 2004

6.—(1) Schedule 29 to FA 2004 (authorised lump sums - supplementary)(1) is amended as follows.

(2) In paragraph 2 (pension commencement lump sum: definition of “the permitted maximum”), in sub-paragraphs (b) and (c), for “individual” substitute “member”.

(3) In paragraph 4A (uncrystallised funds pension lump sum), in sub-paragraph (8)(b), for “paragraph 12(3H)” substitute “paragraph 12A(2)(b)”.

(4) In paragraph 14 (pension protection lump sum death benefit), in sub-paragraph (3)—

(a) in the formula, for “AC” substitute “(B x C)”;

(b) for the definition of AC substitute—

“B and C have the same meaning as they have for the purposes of paragraph 2C(2);”.

(5) In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), for the definition of AC substitute—

“AC is—

(a) where the lump sum is paid in respect of a scheme pension, the scheme pension purchase price, as determined under paragraph 2D(3) and (4);

(b) where the lump sum is paid in respect of a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4);”.

(1)

Paragraph 2 of Schedule 29 was substituted by paragraph 26 of Schedule 9 to FA 2024. Paragraph 4A was inserted by paragraph 57 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30). It was amended by paragraph 21 of Schedule 5 to FA 2021 (c. 26), paragraphs 28 and 63 of Schedule 9 to FA 2024 and by S.I. 2024/356. Paragraph 14 of Schedule 29 was amended by paragraph 34 of Schedule 16 to FA 2011 (c. 11). Paragraph 16 of Schedule 29 was amended by paragraph 36 of Schedule 16 to FA 2011.