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This is the original version (as it was originally enacted).
166Lump sum rule
(1)This is the rule relating to the payment of lump sums by a registered pension scheme to a member of the pension scheme (“the lump sum rule”).
(2)For the purposes of this Part, a person becomes entitled to a lump sum under a registered pension scheme—
(a)in the case of a pension commencement lump sum, immediately before the person becomes entitled to the pension in connection with which it is paid, and
(b)in any other case, when the person acquires an actual (rather than a prospective) right to receive the lump sum.
(3)Part 1 of Schedule 29 gives the meaning of expressions used in the lump sum rule.
(4)Schedule 36 contains (in Part 3) transitional provisions about lump sums.
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