Finance Act 2004 (c. 12)

SCHEDULES

SCHEDULE 28 U.K. Registered pension schemes: authorised pensions—supplementary

Modifications etc. (not altering text)

C1 Sch. 28 modified by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 14 (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 5)

Part 1 U.K. Pension rules

[F1 Conversion of certain drawdown pension funds into flexi-access drawdown funds U.K.

Textual Amendments

F1 Sch. 28 paras. 8A-8D and cross-headings inserted (17.12.2014) (with effect in accordance with Sch. 1 para. 3(2) of the amending Act) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 3(1)

8C (1) Sub-paragraph (2) applies if— U.K.

(a) a member's drawdown pension fund in respect of an arrangement came into being before 6 April 2015,

(b) section 165(3A) did not apply to the arrangement immediately before 6 April 2015, and

(c) the member notifies the [F2 scheme manager] that the member wishes the fund to become the member's flexi-access drawdown fund in respect of the arrangement.

(2) At—

(a) the time the [F2 scheme manager] accepts the notification, or

(b) the start of 6 April 2015 if that is later,

the sums and assets that then make up that fund become newly-designated funds, if they have not previously done so by the operation of paragraph 8B.]

Textual Amendments

F2 Words in Sch. 28 paras. 8C, 8D substituted by S.I. 2006/207, reg. 14(3)(ba) (as inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 33(3)(a)(4) (with Sch. 1 para. 33(5))