Unsecured and alternatively secured pension to be replaced by drawdown pensionU.K.
1(1)In Part 4 of FA 2004 (pension schemes etc), section 165 (pension rules) is amended as follows.U.K.
(2)In subsection (1)—
(a)in pension rule 4—
(i)for “If the member has not reached the age of 75, no payment of pension” substitute “ No payment of pension ”, and
(ii)for paragraph (c) substitute—
“(c)drawdown pension,”;
(b)for pension rule 5 substitute— “ Pension rule 5 The total amount of drawdown pension paid in each drawdown pension year in respect of a money purchase arrangement must not exceed 100% of the basis amount for the drawdown pension year. ”;
(c)omit pension rules 6 and 7.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 16 para. 1(3) omitted (6.4.2015) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 32(2)(4)