Search Legislation

Finance Act 2004

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 23

 Help about opening options

Version Superseded: 06/04/2006

Status:

Point in time view as at 22/07/2004.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 23. Help about Changes to Legislation

23(1)This paragraph applies in relation to a registered pension scheme and a member of the pension scheme if—U.K.

(a)the pension scheme is a protected pension scheme, and

(b)the retirement condition is met in relation to the member and the pension scheme.

(2)A pension scheme is a protected pension scheme if condition A or condition B is met.

(3)Condition A is met if—

(a)the pension scheme was within paragraph (f) or (g) of paragraph 1(1), and

(b)the entitlement condition is met in relation to the member and the pension scheme.

(4)The entitlement condition is met in relation to the member and the pension scheme if—

(a)on 5th April 2006 the member had an actual or prospective right under the pension scheme to a pension from an age of less than 50, and

(b)the member’s occupation was on that date (or had been) one prescribed by regulations made by the Board of Inland Revenue.

(5)Condition B is met if the member is a member of the pension scheme as a result of a block transfer to it from a pension scheme (“the original pension scheme”) in relation to which condition A is met.

(6)Block transfer” has the same meaning as in paragraph 22(6).

(7)The retirement condition is met in relation to the member and the pension scheme if the member becomes entitled to all the pensions payable to the member under arrangements under the pension scheme (to which the member did not have an actual entitlement on or before 5th April 2006) on the same date.

(8)The member’s protected pension age is the age from which the member had an actual or prospective right to a pension under the protected pension scheme on 5th April 2006 (or, where condition B is met, under the original pension scheme on that date).

Back to top

Options/Help