Finance Act 2004

Member’s unsecured pension fund

8 (1) For the purposes of this Part the member’s unsecured pension fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement—

(a) as have at any time been designated under the arrangement as available for the payment of unsecured pension, and

(b) have not been applied for purchasing a scheme pension, a lifetime annuity or a short-term annuity or paid as income withdrawal.

(2) When the member reaches the age of 75, any relevant uncrystallised funds are to be treated as having been designated under the arrangement as available for the payment of unsecured pension immediately before the member reached that age.

(3) “Relevant uncrystallised funds” means the sums and assets held for the purposes of the arrangement which—

(a) have not been applied for purchasing a scheme pension, a lifetime annuity, a dependants' scheme pension or a dependants' annuity, and

(b) have not previously been designated under the arrangement as available for the payment of unsecured pension.