164Authorised member paymentsU.K.
[(1)]The only payments a registered pension scheme is authorised to make to or in respect of a [person who is or has been a] member of the pension scheme are—
(a)pensions permitted by the pension rules or the pension death benefit rules [to be paid to or in respect of a member] (see sections 165 and 167),
(b)lump sums permitted by the lump sum rule or the lump sum death benefit rule [to be paid to or in respect of a member] (see sections 166 and 168),
(c)recognised transfers (see section 169),
(d)scheme administration member payments (see section 171),
(e)payments pursuant to a pension sharing order or provision, and
(f)payments of a description prescribed by regulations made by the Board of Inland Revenue.
[(2)Regulations under subsection (1)(f) may—
(a)provide that for the purposes of Part 9 of ITEPA 2003 all or part of a prescribed payment is to be treated as pension under a registered pension scheme, or as a lump sum of a prescribed description,
(b)provide that all or part of a prescribed payment is subject to the short service refund lump sum charge or the special lump sum death benefits charge,
(c)provide that a prescribed event in relation to a prescribed payment is to be treated for the purposes of the lifetime allowance charge as a benefit crystallisation event, and make provision as to the amount crystallised by that event,
(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and “prescribed” means prescribed in regulations under subsection (1)(f).]
Textual Amendments
Modifications etc. (not altering text)
Commencement Information