PART 2Modifications of Part 4 of the Finance Act 2004
CHAPTER 2Annual allowance
Chapter 1 schemes: operation of scheme pays for 2022-239.
(1)
Section 237B of FA 2004 (liability of scheme administrator) applies in relation to—
(a)
a Chapter 1 scheme,
(b)
the tax year 2022-23, and
(c)
an individual who has any remediable service in any earlier tax year,
subject to the modifications specified in paragraph (2).
(2)
The modifications of section 237B of FA 2004 mentioned in paragraph (1) are as follows—
(a)
the conditions in paragraphs (a) and (b) of subsection (1) are to be treated as met;
(b)
“(a)
does not exceed—
where—
“C” is the aggregate of the pension input amounts for the tax year in respect of arrangements relating to the individual under all registered pension schemes; and”;
(c)
subsections (4) to (4B) are to be ignored.
F1(d)
subsection (5)(a) has effect as if “(but subject to subsection (6))” were omitted;
(e)
subsection (6) is to be ignored.
(3)
In the application of section 237BA of FA 2004 in relation to a scheme pays notice given in relation to a Chapter 1 scheme for the tax year 2022-23 by an individual who has any remediable service in any earlier tax year, the reference in subsection (2) of that section to 31st July is to be read as a reference to 6th July 2025 or, where the condition in paragraph (4) is met, 6th July 2027.
(4)
The condition is that—
(a)
the remediable service in question is pensionable under a Chapter 1 legacy scheme, and
(b)
the member is a pensioner F2... member.
(5)
For the purposes of paragraph (4)(b) the member is a pensioner F3... member if an election under section 6 of PSPJOA 2022 (immediate choice to receive new scheme benefits) has been made, or is capable of being made, in respect of them.