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Finance Act 2004
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Changes over time for: Paragraph 22
Version Superseded: 16/09/2016
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- 06/04/2006- Amendment
- 19/07/2011- Amendment
- 17/12/2014- Amendment
- 17/12/2014
Point in time - 16/09/2016- Amendment
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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 F4...—
(a)[F5they have, at any time before 6 April 2015, been designated] under the arrangement as available for the payment of [F6dependants' drawdown pension] to the dependant,
[F7(aa)they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension to the dependant, and—
(i)sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and
(ii)section 167(2A) did not apply to the arrangement immediately before 6 April 2015,] or
(b)[F8they] arise, or (directly or indirectly) derive, from [F9dependant-designated funds under paragraph (a) or (aa) or from sums or assets] which so arise or derive.
(3)If any sums or assets representing a [F10dependant'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 [F10dependant's drawdown pension fund] of his under the pension scheme, or [F11a 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)
F4Word in Sch. 28 para. 22(2) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(a)
F5Words in Sch. 28 para. 22(2)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(b)
F6Words 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)
F7Sch. 28 para. 22(2)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(c)
F8Word in Sch. 28 para. 22(2)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(d)(i)
F9Words in Sch. 28 para. 22(2)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(d)(ii)
F10Words 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)
F11Words 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
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