Version Superseded: 19/07/2007
Point in time view as at 19/07/2006.
There are currently no known outstanding effects for the Finance Act 2004, Charity lump sum death benefit.
18(1)A lump sum death benefit is a charity lump sum death benefit if—U.K.
(a)the member had reached the age of 75 at the date of the member’s death,
(b)there are no dependants of the member,
(c)it is paid in respect of [F1the member's alternatively secured pension fund (or what would be the member's alternatively secured pension fund but for paragraph 11(6) and (7) of Schedule 28)] in respect of an arrangement at the date of the member’s death, and
(d)it is paid to a charity nominated by the member.
(2)A lump sum death benefit is also a charity lump sum death benefit if—
(a)it is paid on the death of a dependant of the member,
(b)the dependant had reached the age of 75 at the date of the dependant’s death,
(c)there are no other dependants of the member,
(d)it is paid in respect of [F2the dependant's alternatively secured pension fund] at the date of the dependant’s death in respect of an arrangement relating to the member, and
(e)it is paid to a charity nominated by the member (or, if the member made no nomination, by the dependant).
(3)But if the amount of a lump sum falling within sub-paragraph (1) or (2) exceeds the permitted maximum, the amount of the excess is not a charity lump sum death benefit.
(4)The permitted maximum is the aggregate of—
(a)the amount of the sums, and
(b)the market value of the assets,
representing [F3what is (or but for paragraph 11(6) and (7) of Schedule 28 would be)] the member’s or dependant’s alternatively secured pension fund in respect of the arrangement immediately before the payment is made.
Textual Amendments
F1Words in Sch. 29 para. 18(1)(c) substituted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 19 paras. 16(2), 29(4)
F2Words in Sch. 29 para. 18(2)(d) substituted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 19 paras. 16(4), 29(4)
F3Words in Sch. 29 para. 18(4) inserted (retrospective to 6.4.2006) by Finance Act 2007 (c. 11), Sch. 19 paras. 16(6), 29(4)
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