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Pension Schemes Act 1993

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Changes over time for: Section 28A

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Version Superseded: 06/04/2012

Status:

Point in time view as at 19/07/2011. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pension Schemes Act 1993, Section 28A is up to date with all changes known to be in force on or before 08 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. Help about Changes to Legislation

[F128ARequirements for interim arrangementsE+W+S

(1)An interim arrangement must provide for payments to be made to the member, and, where subsection (2) applies, to the member’s [F2widow, widower or surviving civil partner], throughout the interim period, at intervals not exceeding twelve months [F3but the member, widow, widower or surviving civil partner may forbear to receive such payments].

(2)This subsection applies where the member dies during the interim period and is survived by a [F4widow, widower or surviving civil partner] F5... .

(3)The aggregate amount of payments made to a person under an interim arrangement in each successive period of twelve months [F6(“the aggregate payment”) must not be greater than—

(a)the amount specified by pension rule 5 in subsection (1) of section 165 of the Finance Act 2004 (pension rules) for the [F7drawdown pension year] which ends in that period of twelve months [F8(disregarding the second sentence of pension rule 5)], [F9or]

F10(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)the amount specified by pension death benefit rule 4 in subsection (1) of section 167 of the Finance Act 2004 (pension death benefit rules) for the [F11drawdown pension year] which ends in that period of twelve months [F12(disregarding the second sentence of pension death benefit rule 4)], where subsection (2) applies F13...

F14(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

This is subject to subsection (3A).]

[F15(3A)The proportion of the aggregate payment which gives effect to a person’s protected rights must not be greater than the proportion of the value of the rights to money purchase benefits under the scheme that is attributable to the protected rights.]

F16(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

Textual Amendments

F1Ss. 28A, 28B inserted (13.3.1996 for specified purposes, 1.4.1996 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 143, 180(1); S.I. 1996/778, art. 2(2), Sch. Pt. 2

F7Words in s. 28A(3)(a) substituted (with effect for the tax year 2011-12 and subsequent tax years) by Finance Act 2011 (c. 11), Sch. 16 para. 58(a)(i) (with Sch. 16 para. 85)

F8Words in s. 28A(3)(a) inserted (with effect for the tax year 2011-12 and subsequent tax years) by Finance Act 2011 (c. 11), Sch. 16 para. 58(a)(ii) (with Sch. 16 para. 85)

F9Word in s. 28A(3) substituted (with effect for the tax year 2011-12 and subsequent tax years) by Finance Act 2011 (c. 11), Sch. 16 para. 58(a)(iii) (with Sch. 16 para. 85)

F10S. 28A(3)(b) omitted (with effect for the tax year 2011-12 and subsequent tax years) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 58(c) (with Sch. 16 para. 85)

F11Words in s. 28A(3)(c) substituted (with effect for the tax year 2011-12 and subsequent tax years) by Finance Act 2011 (c. 11), Sch. 16 para. 58(b)(i) (with Sch. 16 para. 85)

F12Words in s. 28A(3)(c) inserted (with effect for the tax year 2011-12 and subsequent tax years) by Finance Act 2011 (c. 11), Sch. 16 para. 58(b)(ii) (with Sch. 16 para. 85)

F13Words in s. 28A(3)(c) omitted (with effect for the tax year 2011-12 and subsequent tax years) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 58(b)(iii) (with Sch. 16 para. 85)

F14S. 28A(3)(d) omitted (with effect for the tax year 2011-12 and subsequent tax years) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 58(c) (with Sch. 16 para. 85)

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