SCHEDULE 1Pension flexibility etc
Part 5Miscellaneous amendments
Individuals who on 5 April 2006 had actual right to payment of pensions
77
(1)
In paragraph 20(4)(a) and (b) of Schedule 36 to FA 2004 (lifetime allowance: deemed crystallisation: value of rights to pre-5 April 2006 drawdown pensions) before “the maximum” insert “
80% of
”
.
(2)
The amendment made by sub-paragraph (1) in relation to paragraph 20(4)(a) of that Schedule has effect where the benefit crystallisation event mentioned in the opening words of paragraph 20(2) of that Schedule occurs on or after 6 April 2015.
(3)
The amendment made by sub-paragraph (1) in relation to paragraph 20(4)(b) of that Schedule has effect where—
(a)
the benefit crystallisation event mentioned in the opening words of paragraph 20(2) of that Schedule occurs on or after 6 April 2015, and
(b)
section 165(3A) of FA 2004 first applied to the arrangement concerned in a drawdown pension year that began on or after 27 March 2014.