SCHEDULE 6Capital to be disregarded
PART 1Capital to be disregarded generally
F126AA
Where a person chooses a lump sum under section 8(2) of the Pensions Act 2014 or in accordance with Regulations made under section 10 of that Act which include provision corresponding or similar to section 8(2) of that Act, or fails to make a choice, and a lump sum payment has been made, an amount equal to—
a
except where sub-paragraph (b) applies, the amount of any payment or payments made on account of that lump sum;
b
the amount of that lump sum,
but only for so long as that person does not alter that choice in favour of an increase of pension.