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- Point in Time (22/07/2004)
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Version Superseded: 06/04/2006
Point in time view as at 22/07/2004.
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 3.
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3(1)Where the member becomes entitled to income withdrawal, the applicable amount is one third of the aggregate of—U.K.
(a)the amount of the sums designated as available for the payment of unsecured pension on that occasion, and
(b)the market value of the assets so designated,
but subject to sub-paragraph (2).
(2)Any of the sums and assets so designated which represent rights attributable to a disqualifying pension credit are to be disregarded.
(3)Where the member becomes entitled to a lifetime annuity, the applicable amount is one third of the annuity purchase price.
(4)“The annuity purchase price” is the aggregate of—
(a)the amount of such of the sums held for the purposes of the pension scheme, and
(b)the market value of such of the assets held for the purposes of the pension scheme,
as are applied in (or in connection with) the purchase of the annuity, but subject to sub-paragraph (5).
(5)Any of the sums and assets applied in (or in connection with) the purchase of the annuity which—
(a)have been designated as available for the payment of unsecured income, or
(b)represent rights which are attributable to a disqualifying pension credit,
are to be disregarded.
(6)Where the member becomes entitled to a scheme pension, the applicable amount is—
but subject to sub-paragraph (8).
(7)In sub-paragraph (6)—
LS is the amount of the lump sum, and
AC is the amount crystallised by reason of the member becoming entitled to the pension (see section 216).
(8)There is to be deducted from the aggregate of the amount of the lump sum and the amount crystallised—
(a)if the scheme pension is funded (in whole or in part) by the surrender of sums or assets representing the whole or part of the member’s unsecured pension fund, the aggregate of the amount of those sums and the market value of those assets, and
(b)in any case, so much (if any) of the aggregate of the lump sum and the amount crystallised as represents rights which are attributable to a disqualifying pension credit.
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