21(1)For the purposes of this Part a lump sum death benefit is a winding-up lump sum death benefit if—U.K.
(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 [F1£18,000,] the excess is not a winding-up lump sum death benefit.
[F2(3)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.]
Textual Amendments
F1Word in Sch. 29 para. 21(2) substituted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 7(2)
F2Sch. 29 para. 21(3) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 7(3)