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Mr Paul Boateng
478
*Schedule 34, page 465, line 46, leave out 'that date' and insert '6th April 2006'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
373
Schedule 34, page 466, line 28, leave out '£1,500,000 ('.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
374
Schedule 34, page 466, line 29, leave out ')' and insert '(see section 207)'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
375
Schedule 34, page 466, line 39, leave out '£1,500,000 ('.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
376
Schedule 34, page 466, line 40, leave out ')' and insert '(see section 207)'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
377
Schedule 34, page 467, line 13, leave out 'the individual has not, on 5th April 2006, become entitled to the present payment of benefits in respect of the rights' and insert 'payment of benefits to the individual in respect of the rights has not commenced on or before 5th April 2006.'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
378
Schedule 34, page 467, leave out lines 15 to 18.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
379
Schedule 34, page 467, line 19, leave out sub-paragraph (5) and insert—
'(5) Subject to paragraph 9, for the purposes of this paragraph the value of the individual's uncrystalised rights on 5th April 2006 under an arrangement is to be calculated in accordance with section 201 (valuation of uncrystallised rights for the purposes of section 199) as if—
| (a) | at the end of subsection (4) of section 201 the words "and no reduction were applied under the arrangement to take account of early availability" were inserted and |
| (b) | at the end of subsection (7) of section 201 the words "(c) that no reduction had been applied under the arrangement to take account of early payment" were inserted.'. |
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
380
Schedule 34, page 467, line 29, at end insert 'as if it was not subject to this paragraph 9'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
381
Schedule 34, page 468, line 2, leave out 'retail prices index' and insert 'national average earnings'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
382
Schedule 34, page 468, line 41, leave out '25' and insert 'PCPF'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
383
Schedule 34, page 468, line 46, at end insert 'and where PCPF is the pre-commencement pensions factor (see paragraph 19)'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
384
Schedule 34, page 470, line 20, at end insert 'in a prescribed manner'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
385
Schedule 34, page 471, line 5, leave out 'retail prices index' and insert 'national average earnings'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
386
Schedule 34, page 472, line 6, leave out 'pregnancy or childbirth' and insert 'being on maternity leave, adoption leave, parental leave, paternity leave (each as defined in accordance with the Employment Rights Act 1996) or in other prescribed circumstances'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
387
Schedule 34, page 473, line 12, leave out '£1,500,000 ('.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
388
Schedule 34, page 473, line 13, leave out ')' and insert '(see section 207)'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
389
Schedule 34, page 474, line 15, leave out '25' and insert 'PCPF'
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
390
Schedule 34, page 474, line 20, at end insert 'and where PCPF is the pre-commencement pension factor as set out in sub-paragraph (6)'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
264
Schedule 34, page 474, line 24, leave out '7' and insert '6'.
Mr Paul Boateng
479
*Schedule 34, page 474, line 28, leave out 'on 5th April 2006' and insert 'at any time (treating the references there to 5th April 2006 as to that time)'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
391
Schedule 34, page 474, line 28, at end insert—
'(6) The pre-commencement pensions factor is the appropriate factor certified from time to time by the Government Actuary having regard to the individual's age on 6th April 2006 and the extent to which the individual before that date received a tax free lump sum in lieu of pension'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
392
Schedule 34, page 474, line 28, at end insert—
'Pre-1989 individuals
| 20 | (1) | This paragraph applies to any individual who was on 5th April 2006 a person in relation to whom section 590C of ICTA (earnings cap) did not have effect ("a pre-1989 individual") in relation to the pension scheme under which the arrangement was made ("the pre-1989 scheme"). |
| | (2) | Notwithstanding anything else in this Act, no charge to income tax will arise in respect of benefits paid to in respect of a pre-1989 individual under the pre-1989 scheme except to the extent that a charge to income tax would have arisen in any event.'. |
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
393
Schedule 34, page 475, line 7, after 'scheme', insert 'or a contractual right under his contract of employment with a sponsoring employer'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
394
Schedule 34, page 480, leave out line 31 and at end insert—
| ( VULSR x | CSLA
FSLA | ) + ALSA |
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
395
Schedule 34, page 480, leave out line 35 and insert—
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
396
Schedule 34, page 481, line 20, leave out '30' and insert '20 to'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
265
Schedule 34, page 482, line 1, leave out '75' and insert '80'.
Mr Paul Boateng
480
*Schedule 34, page 482, line 4, leave out from first 'scheme' to second 'the' in line 27 and insert 'is within any of paragraphs (a) to (e) of paragraph 1(1),
(b) the member has an actual (rather than a prospective) right to a pension under an arrangement under the pension scheme, and
(c) under the arrangement a lump sum death benefit is payable if the member dies within the guarantee period.
| (2) | The guarantee period is the period of five years beginning with the day on which the member became entitled to the pension or, if later, the day on which the pension was first paid. |
| (3) | If the member dies after having reached the age of 75 and before the end of the guarantee period— |
(a) paragraph 14 of Schedule 29 (pension protection lump sum death benefit),
(b) paragraph 16 of that Schedule (annuity protection lump sum death benefit), and
(c) paragraph 17 of that Schedule (unsecured pension fund lump sum death benefit),
apply in relation to the member and the arrangement with the following modifications.
| (4) | Each of those paragraphs applies as if sub-paragraph (1)(a) were omitted. |
| (5) | Paragraph 14(1) applies as if paragraph (d) were omitted. |
| (6) | Paragraph 14(2) applies as if the reference to the pension protection limit were to the transitional protection limit. |
| (7) | Paragraph 16(2) applies as if the reference to the annuity protection limit were to the transitional protection limit. |
| (8) | Paragraph 17(3) applies in relation to a lump sum falling within paragraph 17(1) as if the reference to the permitted maximum were to the transitional protection limit. |
| (9) | Section 195(1) (special lump sum death benefits charge) does not apply to any pension protection lump sum death benefit, annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid by virtue of sub-paragraphs (3) to (8). |
| (10) | If the member dies before having reached the age of 75 and before the end of the guarantee period— |
(a) section 195(1) does not apply to so much of any pension protection lump sum death benefit, annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit, and
(b) if the arrangement is a defined benefits arrangement, paragraph 14(1)(d) of Schedule 29 is to be treated as satisfied in relation to so much of the lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit.
| (11) | The transitional protection limit is— |
P-TPLS
P is the amount of pension to which (had the member lived) the member would have been entitled under the arrangement in respect of the period beginning with the day of the member's death and ending with the last day of the guarantee period, and TPLS is the amount of any pension protection lump sum death benefit, annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit previously paid in respect of'.
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