C1C2C3C4C5C6C7C8C9C10C11C12C13Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C7

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C9

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C11

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C12

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C13

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C10Chapter 3Payments by registered pension schemes

F1Repayments of lump sums

Annotations:
Amendments (Textual)
F1

S. 185J and cross-heading inserted (19.3.2014) by Finance Act 2014 (c. 26), Sch. 5 paras. 3, 15

185JEffect of repayment of certain pre-6 April 2015 lump sums

1

For the purposes of this Part—

a

a lump sum to which this section applies is treated as never having been paid, and

b

the payment by which it is repaid is treated as not being a payment.

2

This section applies to a lump sum if—

a

the sum is paid by a registered pension scheme to a member of the scheme in respect of a money purchase arrangement,

b

the sum is paid to the member in connection with a pension under the scheme to which it is expected that the member will become entitled (“the expected pension”),

c

the expected pension is income withdrawal, a lifetime annuity or a scheme pension,

d

the sum is paid before the member becomes entitled to the expected pension,

e

either—

i

the sum is paid on or after 19 September 2013 but before 6 April 2015, or

ii

the sum is paid before 19 September 2013, a contract for a lifetime annuity is entered into to provide the expected pension, and on or after 19 March 2014 the contract is cancelled,

f

before the member becomes entitled to the expected pension, the member repays the sum to the pension scheme that paid it, and

g

the repayment is made before 6 October 2015.

3

For the purposes of subsection (2), if the circumstances are as described in subsection (2)(e)(ii), the member is treated as not having become entitled to the expected pension as a result of the cancelled contract having been entered into.