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| | | | section 579A does apply to dependants’ income withdrawal or |
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| | | nominees’ income withdrawal paid to the person from the fund so far |
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| | | as it is paid in respect of sums or assets for the time being representing |
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| | | the whole or any part of those relevant unused uncrystallised funds. |
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| | | |
| | | “dependant”, “nominee” and “successor” have the meaning given |
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| | | (respectively) by paragraphs 15, 27A and 27F of Schedule 28 to FA |
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| | | |
| | | “dependant’s drawdown pension fund”, “dependant’s flexi-access |
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| | | drawdown fund”, “nominee’s flexi-access drawdown fund” and |
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| | | “successor’s flexi-access drawdown fund” have the meaning given |
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| | | (respectively) by paragraphs 22, 22A, 27E and 27K of Schedule 28 to |
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| | | “money purchase arrangement” has the meaning given by section 152 of |
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| | | “the relevant two-year period”, in relation to relevant unused |
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| | | uncrystallised funds held for the purposes of a money purchase |
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| | | arrangement relating to a deceased individual under a registered |
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| | | pension scheme, means the period of two years beginning with the |
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| | | earlier of the day on which the scheme administrator of the scheme |
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| | | first knew of the individual’s death and the day on which the scheme |
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| | | administrator could first reasonably have been expected to have |
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| | | |
| | | (8) | For the purposes of this section, sums or assets held after the death of |
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| | | a member of a registered pension scheme for the purposes of a money |
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| | | purchase arrangement relating to the member under the scheme are |
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| | | “relevant unused uncrystallised funds” if— |
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| | | (a) | they are unused uncrystallised funds, and |
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| | | (b) | the member had not reached the age of 75 at the date of the |
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| | | |
| | | (9) | Paragraph 27E(4) and (5) of Schedule 28 of FA 2004 (meaning of |
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| | | “unused uncrystallised funds”) apply for the purposes of subsection |
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| | | |
| | | (6) | In section 579D (interpretation of sections 579A to 579D)— |
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| | | (a) | at the appropriate places insert— |
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| | | ““nominees’ income withdrawal” has the meaning given by |
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| | | paragraph 27D of that Schedule;”, and |
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| | | ““successors’ income withdrawal” has the meaning given by |
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| | | paragraph 27J of Schedule 28 to FA 2004.”, and |
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| | | (b) | in paragraph (b) of the definition of “pension under a registered |
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| | | pension scheme” after “dependants’ income withdrawal” insert “, or |
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| | | nominees’ income withdrawal or successors’ income withdrawal,”. |
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| | | (7) | The amendments made by sub-paragraphs (2) to (5) have effect in relation to |
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| | | pension paid on or after 6 April 2015.” |
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| | | Member’s explanatory statement
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| | | This new Schedule provides that persons other than dependants can inherit unused drawdown |
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| | | funds. For deaths before age 75, lump sum death benefits and flexi-access drawdown pensions |
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| | | from these funds can be paid tax free, subject (for example) to the member having sufficient |
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| | | available lifetime allowance. |
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| | | Order of the House [29 October 2014] |
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| | | That the following provisions shall apply to the Taxation of Pensions Bill— |
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| | | 1. | The Bill shall be committed to a Public Bill Committee. |
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| | | Proceedings in Public Bill Committee |
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| | | 2. | Proceedings in the Public Bill Committee shall (so far as not previously |
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| | | concluded) be brought to a conclusion on Thursday 20 November 2014. |
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| | | 3. | The Public Bill Committee shall have leave to sit twice on the first day on |
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| | | Consideration and Third Reading |
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| | | 4. | Proceedings on Consideration shall (so far as not previously concluded) be |
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| | | brought to a conclusion one hour before the moment of interruption on the |
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| | | day on which those proceedings are commenced. |
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| | | 5. | Proceedings on Third Reading shall (so far as not previously concluded) be |
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| | | brought to a conclusion at the moment of interruption on that day. |
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| | | 6. | Standing Order No. 83B (Programming committees) shall not apply to |
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| | | proceedings on Consideration and Third Reading. |
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| | | 7. | Any other proceedings on the Bill (including any proceedings on |
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| | | consideration of any message from the Lords) may be programmed. |
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