The Taxation of Pension Schemes (Transitional Provisions) Order 2006 No. 572

Modification of section 168 and Schedule 29 U.K.

8.—(1) The 2004 Act is modified as follows.

(2) In section 168(1) (lump sum death benefit rule) after paragraph (i) insert—

“(j) a life cover lump sum.”.

(3) In Part 2 of Schedule 29 (registered pension schemes: supplementary provisions about lump sums) after paragraph 21 insert—

“Life cover lump sum

21A.   For the purposes of this Part a lump sum death benefit is a life cover lump sum if—

(a) the member had reached the age of 75 before he died;

(b) payment of the sum would not have prejudiced approval of the scheme for the purposes of Chapter 1 of Part 14 of ICTA if it had been made on 5th April 2006.”.

Commencement Information

I1 Art. 8 in force at 6.4.2006, see art. 1(1)