PART I GENERAL
Dispositions that are not transfers of value F2(and omissions that do not give rise to deemed dispositions)
12AF1Pension drawdown fund not used up: no deemed disposition
1
Where a person has a drawdown fund, section 3(3) above does not apply in relation to any omission that results in the fund not being used up in the person's lifetime.
2
For the purposes of subsection (1) above, a person has a drawdown fund if the person has—
a
a member's drawdown pension fund,
b
a member's flexi-access drawdown fund,
c
a dependant's drawdown pension fund,
d
a dependant's flexi-access drawdown fund,
e
a nominee's flexi-access drawdown fund, or
f
a successor's flexi-access drawdown fund, and
in respect of a money purchase arrangement under a registered pension scheme.
3
For the purposes of subsection (1) above, a person also has a drawdown fund if sums or assets held for the purposes of a money purchase arrangement under a corresponding scheme would, if that scheme were a registered pension scheme, be the person's—
a
member's drawdown pension fund,
b
member's flexi-access drawdown fund,
c
dependant's drawdown pension fund,
d
dependant's flexi-access drawdown fund,
e
nominee's flexi-access drawdown fund, or
f
successor's flexi-access drawdown fund,
in respect of the arrangement.
4
In this section—
“corresponding scheme” means—
- a
a qualifying non-UK pension scheme (see section 271A below), or
- b
a section 615(3) scheme that is not a registered pension scheme;
- a
“money purchase arrangement” has the same meaning as in Part 4 of the Finance Act 2004 (see section 152 of that Act);
“member's drawdown pension fund”, “member's flexi-access drawdown fund”, “dependant's drawdown pension fund”, “dependant's flexi-access drawdown fund”, “nominee's flexi-access drawdown fund” and “successor's flexi-access drawdown fund” have the meaning given, respectively, by paragraphs 8, 8A, 22, 22A, 27E and 27K of Schedule 28 to that Act.
Words in s. 10 cross-heading inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 94(2)