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Finance Act 2004
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Changes over time for: Paragraph 7
Version Superseded: 17/07/2014
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Finance Act 2004, Paragraph 7 is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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7(1)For the purposes of this Part a lump sum is a trivial commutation lump sum if—U.K.
(a)it is paid when no trivial commutation lump sum has previously been paid to the member (by any registered pension scheme) or, if such a lump sum has previously been paid, before the end of the commutation period,
(b)on the nominated date, the value of the member’s pension rights does not exceed the commutation limit,
(c)it is paid when all or part of the member’s lifetime allowance is available,
(d)it extinguishes the member’s entitlement to benefits under the pension scheme, and
(e)it is paid when the member has reached the age of 60 F1....
(2)The commutation period is the period beginning with the day on which a trivial commutation lump sum is first paid to the member and ending 12 months after that day.
(3)The nominated date is the day within the period of three months ending with the first day of the commutation period nominated by the member (or, if no date is nominated, is the first day of the commutation period).
(4)The commutation limit is [F2£18,000.]
[F3(4A)The Treasury may by order substitute for the amount for the time being specified in sub-paragraph (4) such larger amount as is specified in the order.]
(5)The value of the member’s pension rights on the nominated date is the aggregate of—
(a)the value of the member’s relevant crystallised pension rights on that date (calculated in accordance with paragraph 8), and
(b)the value of the member’s uncrystallised rights on that date (calculated in accordance with paragraph 9).
Textual Amendments
F1Words in Sch. 29 para. 7(1)(e) omitted (with effect in accordance with Sch. 16 paras. 85, 102 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 29
F2Word in Sch. 29 para. 7(4) substituted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 4(2)
F3Sch. 29 para. 7(4A) inserted (with effect in accordance with Sch. 18 Pt. 2 of the amending Act) by Finance Act 2011 (c. 11), Sch. 18 para. 4(3)
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