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Finance Act 2007

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Changes over time for: Paragraph 11

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Changes to legislation:

Finance Act 2007, Paragraph 11 is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

11(1)Schedule 29 (authorised lump sums) is amended as follows.U.K.

(2)In paragraph 1(1) (conditions to be met if lump sum is to be pension commencement lump sum)—

(a)for paragraph (a) substitute—

(a)the member becomes entitled to it before reaching the age of 75,

(aa)the member becomes entitled to it in connection with becoming entitled to a relevant pension (or dies after becoming entitled to it but before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to it),

(b)in paragraph (c), for “of three months beginning with” substitute “ beginning six months before, and ending one year after, ”, and

(c)omit paragraph (e)(but not including the “and” at the end).

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In paragraph 2 (“permitted maximum”), after sub-paragraph (5) insert—

(5A)But if the member dies before becoming entitled to the relevant pension in connection with which it was anticipated that the member would become entitled to the lump sum, the permitted maximum is the available portion of the member's lump sum allowance.

Textual Amendments

F1Sch. 20 para. 11(3) omitted (with effect in accordance with Sch. 16 paras. 85, 107 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 84(c)(ii)

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