PART 3
Modification of Schedule 2915.
(1)
Schedule 29 is modified as follows.
(2)
“(4A)
In determining whether all or part of the member’s lifetime allowance is available—
(a)
an amount treated as crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and
(b)
the amount of the allowance available shall be reduced by the aggregate of—
(i)
the amount of any previous pension commencement lump sum paid to or in respect of the member by a recognised overseas pension scheme, to the extent that the lump sum is referable to the member’s relevant transfer fund, and
(ii)
the amount which would have crystallised by virtue of the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable.
(4B)
For the purposes of sub-paragraph (4A) “the member’s relevant transfer fund” has the meaning given in paragraph 4(2) of Schedule 343.”.
(3)
In paragraph 2—
(a)
“AAC is the aggregate of—
(a)
the amounts crystallised by each benefit crystallisation event (other than benefit crystallisation event 8) which has occurred in relation to the member before the member becomes entitled to the lump sum (or treated as crystallised) on each occasion on which entitlement to a pension arises; and
(b)
the amount which would have crystallised, had the scheme paying it been a registered pension scheme —
(i)
on entitlement arising to any pension commencement lump sum, to the extent that the lump sum is referable to the member’s relevant transfer fund, or
(ii)
on entitlement arising to a pension, to the extent that it is so referable.”;
(b)
“(6A)
The member’s becoming entitled to a pension commencement lump sum, or to a pension, as mentioned in paragraph (b) of the definition of AAC in paragraph (6) shall be treated as a benefit crystallisation event for the purposes of sub-paragraph (7).”.
(4)
In paragraph 4—
(a)
in sub-paragraph (1)(a) after “registered medical practitioner” insert “or a recognised medical practitioner”;
(b)
“(3)
In sub-paragraph (1) “recognised medical practitioner” means a medical practitioner practising outside the United Kingdom who is authorised, licensed or registered to practise medicine in the country or territory, outside the United Kingdom, in which either the scheme or the member is resident.
(4)
In determining whether all or part of the member’s lifetime allowance is available—
(a)
an amount crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and
(b)
the amount of the allowance available shall be reduced by the aggregate of—
(i)
the amount of any previous pension commencement lump sum which has been paid to or in respect of the member by a recognised overseas pension scheme, to the extent that it is referable to the member’s relevant transfer fund and
(ii)
the amount which would have crystallised on the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable.”.
(5)
“, other than an event which constitutes benefit crystallisation event 8”.
(6)
“(6)
In determining whether all or part of the member’s lifetime allowance is available—
(a)
an amount crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and
(b)
the amount of the allowance available shall be reduced by the aggregate of—
(i)
the amount of any previous pension commencement lump sum which has been paid to or in respect of the member by a recognised overseas pension scheme, to the extent that it is referable to the member’s relevant transfer fund and
(ii)
the amount which would have crystallised on the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable.”.
(7)
“(4)
In determining whether all or part of the member’s lifetime allowance is available—
(a)
an amount crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and
(b)
the amount of the allowance available shall be reduced by the aggregate of—
(i)
the amount of any previous pension commencement lump sum which has been paid to or in respect of the member by a recognised overseas pension scheme, to the extent that the lump sum is referable to the member’s relevant transfer fund, and
(ii)
the amount which would have crystallised on the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable.”.
(8)
“(bb)
it is not paid from the relevant transfer fund of a qualifying recognised overseas pension scheme,”.
(9)
In paragraph 4(1)(a), and paragraph 19(1)(d) and (2)(e) for “scheme administrator” substitute “scheme manager”.