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Changes over time for: Cross Heading: Individuals permitted to take pension before normal minimum pension age
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Timeline of Changes
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Version Superseded: 06/04/2006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Point in time view as at 22/07/2004.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, Cross Heading: Individuals permitted to take pension before normal minimum pension age.
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Changes to Legislation
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Individuals permitted to take pension before normal minimum pension ageU.K.
19(1)This paragraph applies where a benefit crystallisation event occurs in relation to an individual who is a member of a registered pension scheme—U.K.
(a)in protected circumstances, and
(b)before the individual reaches normal minimum pension age.
(2)What would otherwise be the individual’s lifetime allowance is to be reduced by the relevant percentage.
(3)A benefit crystallisation event occurs in protected circumstances if—
(a)paragraph 22 or 23 (right to take pension before normal minimum pension age) applies to the individual and the pension scheme,
(b)the individual’s protected pension age (see paragraph 22(8) or 23(8)) is less than 50, and
(c)the pension scheme is not prescribed by regulations made by the Board of Inland Revenue.
(4)The relevant percentage is—
where Y is the number of complete years falling between the date on which the benefit crystallisation event occurs and the date on which the individual will reach normal minimum pension age.
(5)Sub-paragraph (6) applies where, after the occurrence in relation to the individual of a benefit crystallisation event in relation to which this paragraph has had effect, another benefit crystallisation event occurs in relation to the individual and the pension scheme.
(6)If the amount crystallised on the previous benefit crystallisation event exceeded the available amount of the individual’s lifetime allowance at the time of that benefit crystallisation event, section 219 (availability of individual’s lifetime allowance) applies as if the amount crystallised were the available amount of the individual’s lifetime allowance at that time.
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