22(1)For the purposes of this Part a [F1dependant's drawdown pension fund] in respect of an arrangement consists of such of the sums and assets held for the purposes of the arrangement—U.K.
[F2(a)as are dependant-designated funds, and
(b)have not been applied towards the provision of a dependants' scheme pension.]
[F3(2)For the purposes of this Part sums or assets held for the purposes of an arrangement are dependant-designated funds if they—
(a)have been designated at any time under the arrangement as available for the payment of [F4dependants' drawdown pension] to the dependant, or
(b)arise, or (directly or indirectly) derive, from sums or assets which have been so designated or which so arise or derive.
(3)If any sums or assets representing a [F5dependant's drawdown pension fund] in respect of an arrangement under the pension scheme would (apart from this sub-paragraph)—
(a)come to be taken to represent another [F5dependant's drawdown pension fund] of his under the pension scheme, or [F6a drawdown pension fund] of his under the pension scheme, or
(b)are applied towards the provision of a scheme pension or a lifetime annuity,
they are to be treated as not doing so.]
Textual Amendments
F1Words in Sch. 28 para. 22(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(2)
F2Sch. 28 para. 22(1)(a)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 21(2), 64(1)
F3Sch. 28 para. 22(2)(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 21(3), 64(1)
F4Words in Sch. 28 para. 22(2)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(3)
F5Words in Sch. 28 para. 22(3) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(4)(a)
F6Words in Sch. 28 para. 22(3)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(4)(b)
Modifications etc. (not altering text)
C1Sch. 28 para. 22 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 30(1)-(3)
C2Sch. 28 para. 22(2) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 96