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[F127K(1)For the purposes of this Part a successor's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated successor funds.U.K.
(2)For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated successor funds if—
(a)they—
(i)have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of successors' drawdown pension, and
(ii)were, immediately before being so designated, unused drawdown funds of the same deceased dependant, nominee or successor of the member, or
(b)they arise, or (directly or indirectly) derive, from newly-designated successor funds under paragraph (a) or from sums or assets which so arise or derive.
(3)Sums or assets held for the purposes of an arrangement after the death of a dependant, nominee or successor (“the beneficiary”) are unused drawdown funds of the beneficiary's if—
(a)immediately before the beneficiary's death, they were held for the purposes of the arrangement and represented (whether alone or with other sums or assets) the beneficiary's—
(i)dependant's flexi-access drawdown fund,
(ii)dependant's drawdown pension fund,
(iii)nominee's flexi-access drawdown fund, or
(iv)successor's flexi-access drawdown fund,
in respect of the arrangement, or
(b)they arise, or (directly or indirectly) derive, from unused drawdown funds of the beneficiary's under paragraph (a) or from sums or assets which so arise or [F2derive,]]
[F3and since the beneficiary's death they have not been designated as available for the payment of successors' drawdown pension and not been applied towards the provision of a successors' annuity.]
Textual Amendments
F1Sch. 28 paras. 27A-27K and cross-headings inserted (17.12.2014) (with effect in accordance with Sch. 2 para. 3(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 2 para. 3(1)
F2Word in Sch. 28 para. 27K(3)(b) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(6)(a)
F3Words in Sch. 28 para. 27K(3) inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 4 para. 13(6)(b)
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