SCHEDULES

C1C2SCHEDULE 29Registered pension schemes: authorised lump sums—supplementary

Annotations:
Modifications etc. (not altering text)
C2

Sch. 29 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23C (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3; and amended (with effect in accordance with art. 1(3) of the amending S.I.) by S.I. 2011/1782, arts. 1(1), 2(3))

C1C3C4Part 2Lump sum death benefit rule

Annotations:
Modifications etc. (not altering text)
C3

Sch. 29 Pt. 2 applied (with modifications) (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 14

Defined benefits and money purchase arrangements

Winding-up lump sum death benefit

21

1

For the purposes of this Part a lump sum death benefit is a winding-up lump sum death benefit if—

a

the pension scheme is being wound-up,

b

it is paid to a dependant entitled under the pension scheme to pension death benefit in respect of the member, and

c

it extinguishes the dependant’s entitlement under the pension scheme to pension death benefit and lump sum death benefit in respect of the member.

2

But if the amount of a lump sum falling within sub-paragraph (1) exceeds F2£18,000, the excess is not a winding-up lump sum death benefit.

F13

The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (2) such larger amount as is specified in the order.