SCHEDULES

SCHEDULE 28Inheritance of tax-relieved pension savings

Amendments of Part 4 of FA 2004

2

1

Section 172 (assignment) is amended as follows.

2

In subsection (3)—

a

in paragraph (a), for “an actual or” substitute “ a ”, and

b

in paragraph (b), for “the member” substitute “ a member of the pension scheme ”.

3

After subsection (6) insert—

6A

References in this section to a benefit to which the member or a person has an entitlement under the pension scheme includes rights to payments under—

a

a scheme pension or dependants' scheme pension provided by the scheme administrator or as a result of the application of sums or assets held for the purposes of the pension scheme, or

b

a lifetime annuity or dependants' annuity purchased by the application of sums or assets held for the purposes of the pension scheme.