|
| |
|
Member’s unsecured or alternatively secured pension fund existing on 5 April 2011 |
| |
88 | Paragraph 8(1A) of Schedule 28 to FA 2004 (member’s drawdown pension |
| |
fund) has effect on and after 6 April 2011 as if any reference to sums or assets |
| |
having been designated as available for the payment of drawdown pension |
| |
included a reference to sums or assets having been designated, before that |
| 5 |
date, as available for the payment of unsecured pension or alternatively |
| |
| |
Current unsecured pension year to become drawdown pension year |
| |
89 (1) | This paragraph applies in the case of a person who, immediately before 6 |
| |
April 2011, was entitled to unsecured pension. |
| 10 |
(2) | Where the last unsecured pension year began on or after 7 April 2010, the |
| |
reference in paragraph 9(1)(a) of Schedule 28 to FA 2004 (drawdown pension |
| |
year) to the day on which the member first becomes entitled to drawdown |
| |
pension is to be read as a reference to the day on which that unsecured |
| |
| 15 |
(3) | Accordingly, any unsecured pension year which began on or after 7 April |
| |
2010 is to be regarded, on and after 6 April 2011, as a drawdown pension |
| |
| |
(4) | In this paragraph and paragraphs 90 and 91 “the last unsecured pension |
| |
year” means the unsecured pension year in which 5 April 2011 fell. |
| 20 |
Previous limit on amount of pension payable in year to apply for limited period |
| |
90 (1) | This paragraph applies in the case of a person who, immediately before 6 |
| |
| |
(a) | was entitled to unsecured pension, and |
| |
(b) | had not reached the age of 75. |
| 25 |
(2) | Where, immediately before 6 April 2011, the last reference period to begin |
| |
before that date has not ended— |
| |
(a) | pension rule 5 in section 165 of FA 2004 has effect in relation to every |
| |
drawdown pension year ending on or before the relevant date as if |
| |
for “100%” there were substituted “120%”, and |
| 30 |
(b) | paragraph 10 of Schedule 28 to FA 2004 has effect with the following |
| |
| |
(i) | the reference in sub-paragraph (1) to the first drawdown |
| |
pension year is to be read as a reference to the first drawdown |
| |
pension year beginning after the relevant date; |
| 35 |
(ii) | any reference in sub-paragraphs (1ZA) to (1C) to a reference |
| |
period is to be read as including a reference to the current |
| |
| |
(3) | The “relevant date” is the earlier of the following— |
| |
(a) | the day on which the current reference period ends, and |
| 40 |
(b) | if a transfer within sub-paragraph (5) occurs in relation to the person, |
| |
the day on which the drawdown pension year in which the transfer |
| |
| |
|
| |
|
| |
|
(4) | Subject to the operation of paragraph 10(1ZA) and (1B) of Schedule 28 to FA |
| |
2004, “the current reference period” is the period of 5 years beginning before |
| |
6 April 2011 and comprising— |
| |
(a) | the drawdown pension year in which that date falls, |
| |
(b) | any unsecured pension years which— |
| 5 |
(i) | began after the end of the last reference period ending before |
| |
| |
(ii) | ended before that date, |
| |
| |
(c) | if the sum of the years falling within paragraphs (a) and (b) is less |
| 10 |
than five, one or more drawdown pension years beginning after that |
| |
| |
(5) | A transfer is within this sub-paragraph if— |
| |
(a) | it takes place on or after 6 April 2011, and |
| |
(b) | it is a recognised transfer for the purposes of Part 4 of FA 2004 (see |
| 15 |
section 169 of that Act). |
| |
(6) | For the purposes of pension rule 5 in section 165 of FA 2004, the amount |
| |
which, immediately before 6 April 2011, was by virtue of paragraph 10 of |
| |
Schedule 28 to FA 2004 the basis amount for the last unsecured pension year |
| |
continues, on and after that date, to be the basis amount for every drawdown |
| 20 |
pension year ending on or before the relevant date. |
| |
| This is subject to sub-paragraphs (4)(b) and (5) of that paragraph. |
| |
(7) | Paragraph 10(4) of Schedule 28 to FA 2004 has effect for drawdown pension |
| |
years beginning on or after 6 April 2011 and ending on or before the relevant |
| |
date as it has effect for drawdown pension years falling within any reference |
| 25 |
period beginning after the relevant date, but as if— |
| |
(a) | paragraph (a) were omitted, |
| |
(b) | in paragraph (b), for “otherwise” there were substituted “if there has |
| |
been a recent annuity, recent additional fund designation or recent |
| |
pension sharing event”, and |
| 30 |
(c) | in paragraph 10(9) of that Schedule— |
| |
(i) | the reference to the reference date were a reference to the day |
| |
on which the last unsecured pension year began, and |
| |
(ii) | the reference to the immediately preceding drawdown |
| |
pension year included, in the case of a drawdown pension |
| 35 |
year beginning on 6 April 2011, a reference to the last |
| |
| |
(8) | In paragraph 10(7) to (8A) of that Schedule any reference to drawdown |
| |
pension or the member’s drawdown pension fund is to be read as including, |
| |
in relation to anything occurring before 6 April 2011, a reference to |
| 40 |
unsecured pension or the member’s unsecured pension fund. |
| |
91 (1) | This paragraph applies in the case of a person who— |
| |
(a) | reached the age of 75 on or after 22 June 2010 and before 6 April 2011, |
| |
| |
(b) | immediately before 6 April 2011, was entitled to unsecured pension. |
| 45 |
(2) | Where the last unsecured pension year began on or after 7 April 2010— |
| |
(a) | pension rule 5 in section 165 of FA 2004 has effect in relation to that |
| |
year as if for “100%” there were substituted “120%”, and |
| |
|
| |
|
| |
|
(b) | for the purposes of that pension rule, the amount which, |
| |
immediately before 6 April 2011, was the basis amount for that year |
| |
by virtue of paragraph 10 of Schedule 28 to FA 2004 continues, on |
| |
and after that date, to be the basis amount for that year. |
| |
(3) | The amendments made by paragraph 9 of this Schedule have effect in |
| 5 |
relation to drawdown pension years beginning on or after 6 April 2011. |
| |
Drawdown pension year and basis amount where person’s whereabouts unknown at age 75 |
| |
92 (1) | This paragraph applies in the case of a person who— |
| |
(a) | reached the age of 75 before 22 June 2010, and |
| |
(b) | immediately before 6 April 2011, had a member’s unsecured pension |
| 10 |
fund by virtue of paragraph 11(6) and (7) of Schedule 28 to FA 2004 |
| |
(cases where member’s whereabouts are unknown at age 75). |
| |
| |
(a) | the scheme administrator was unable to ascertain the person’s |
| |
whereabouts during the relevant period, but |
| 15 |
(b) | the person’s whereabouts are ascertained by the scheme |
| |
administrator after the end of that period, |
| |
| the reference in paragraph 9(1)(a) of Schedule 28 to FA 2004 (drawdown |
| |
pension year) to the day on which the member first becomes entitled to |
| |
drawdown pension is to be read as a reference to the day on which the |
| 20 |
person’s whereabouts are so ascertained. |
| |
(3) | The “relevant period” is the period beginning with the person’s 75th |
| |
birthday and ending with 5 April 2011. |
| |
(4) | In a case where the person’s whereabouts have been ascertained by the |
| |
scheme administrator within the period of 6 months ending on 6 April 2011, |
| 25 |
the reference in paragraph 9(1)(a) of that Schedule to the day on which the |
| |
member first becomes entitled to drawdown pension is to be read as a |
| |
reference to 6 April 2011. |
| |
Current alternatively secured pension year to become drawdown pension year |
| |
93 (1) | This paragraph applies in the case of a person who, immediately before 6 |
| 30 |
April 2011, was entitled to alternatively secured pension. |
| |
(2) | Where the last alternatively secured pension year began on or after 7 April |
| |
2010, the reference in paragraph 9(1)(a) of Schedule 28 to FA 2004 |
| |
(drawdown pension year) to the day on which the member first becomes |
| |
entitled to drawdown pension is to be read as a reference to the day on |
| 35 |
which that alternatively secured pension year began. |
| |
(3) | Accordingly, any alternatively secured pension year which began on or after |
| |
7 April 2010 is to be regarded, on and after 6 April 2011, as a drawdown |
| |
| |
(4) | For the purposes of pension rule 5 in section 165 of FA 2004, the amount |
| 40 |
which, immediately before 6 April 2011, was the basis amount for that |
| |
alternatively secured pension year by virtue of paragraph 13 of Schedule 28 |
| |
to FA 2004 continues, on and after that date, to be the basis amount for that |
| |
| |
|
| |
|
| |
|
(5) | In this paragraph “the last alternatively secured pension year” means the |
| |
alternatively secured pension year in which 5 April 2011 fell. |
| |
Entitlement to dependants’ unsecured or alternatively secured pension on 5 April 2011 |
| |
94 | Any person who, immediately before 6 April 2011, was entitled to |
| |
dependants’ unsecured pension or dependants’ alternatively secured |
| 5 |
pension is to be treated, on and after that date, as entitled to dependants’ |
| |
| |
95 | Paragraph 20 of Schedule 28 to FA 2004 (short-term annuity) has effect on |
| |
and after 6 April 2011 as if the reference to an annuity purchased by the |
| |
application of sums or assets representing the whole or any part of the |
| 10 |
dependant’s drawdown pension fund in respect of an arrangement |
| |
included a reference to an annuity purchased before that date by the |
| |
application of sums or assets representing the whole or any part of the |
| |
dependant’s unsecured pension fund in respect of the arrangement. |
| |
Dependant’s unsecured or alternatively secured pension fund existing on 5 April 2011 |
| 15 |
96 | Paragraph 22(2) of Schedule 28 to FA 2004 (dependant’s drawdown pension |
| |
fund) has effect on and after 6 April 2011 as if any reference to sums or assets |
| |
having been designated as available for the payment of dependants’ |
| |
drawdown pension included a reference to sums or assets having been |
| |
designated, before that date, as available for the payment of dependants’ |
| 20 |
unsecured pension or dependants’ alternatively secured pension. |
| |
Current unsecured pension year to become drawdown pension year |
| |
97 (1) | This paragraph applies in the case of a person who, immediately before 6 |
| |
April 2011, was entitled to dependants’ unsecured pension. |
| |
(2) | Where the last unsecured pension year began on or after 7 April 2010, the |
| 25 |
reference in paragraph 23(1)(a) of Schedule 28 to FA 2004 (drawdown |
| |
pension year) to the day on which the dependant first becomes entitled to |
| |
dependants’ drawdown pension is to be read as a reference to the day on |
| |
which that unsecured pension year began. |
| |
(3) | Accordingly, any unsecured pension year which began on or after 7 April |
| 30 |
2010 is to be regarded, on and after 6 April 2011, as a drawdown pension |
| |
| |
(4) | In this paragraph and paragraphs 98 and 99 “the last unsecured pension |
| |
year” means the unsecured pension year in which 5 April 2011 fell. |
| |
Previous limit on amount of pension payable in year to apply for limited period |
| 35 |
98 (1) | This paragraph applies in the case of a person who, immediately before 6 |
| |
| |
(a) | was entitled to dependants’ unsecured pension, and |
| |
(b) | had not reached the age of 75. |
| |
(2) | Where, immediately before 6 April 2011, the last reference period to begin |
| 40 |
before that date has not ended— |
| |
|
| |
|
| |
|
(a) | pension death benefit rule 4 in section 167 of FA 2004 has effect in |
| |
relation to every drawdown pension year ending on or before the |
| |
relevant date as if for “100%” there were substituted “120%”, and |
| |
(b) | paragraph 24 of Schedule 28 to FA 2004 has effect with the following |
| |
| 5 |
(i) | the reference in sub-paragraph (1) to the first drawdown |
| |
pension year is to be read as a reference to the first drawdown |
| |
pension year beginning after the relevant date; |
| |
(ii) | any reference in sub-paragraphs (1ZA) to (1C) to a reference |
| |
period is to be read as including a reference to the current |
| 10 |
| |
(3) | The “relevant date” is the earlier of the following— |
| |
(a) | the day on which the current reference period ends, and |
| |
(b) | if a transfer within sub-paragraph (5) occurs in relation to the person, |
| |
the day on which the drawdown pension year in which the transfer |
| 15 |
| |
(4) | Subject to the operation of paragraph 24(1ZA) and (1B) of Schedule 28 to FA |
| |
2004, “the current reference period” is the period of 5 years beginning before |
| |
6 April 2011 and comprising— |
| |
(a) | the drawdown pension year in which that date falls, |
| 20 |
(b) | any unsecured pension years that— |
| |
(i) | began after the end of the last reference period ending before |
| |
| |
(ii) | ended before that date, |
| |
| 25 |
(c) | if the sum of the years falling within paragraphs (a) and (b) is less |
| |
than five, one or more drawdown pension years beginning after that |
| |
| |
(5) | A transfer is within this sub-paragraph if— |
| |
(a) | it takes place on or after 6 April 2011, and |
| 30 |
(b) | it is a recognised transfer for the purposes of Part 4 of FA 2004 (see |
| |
section 169 of that Act). |
| |
(6) | For the purposes of pension death benefit rule 4 in section 167 of FA 2004, |
| |
the amount which, immediately before 6 April 2011, was by virtue of |
| |
paragraph 24 of Schedule 28 to FA 2004 the basis amount for the last |
| 35 |
unsecured pension year continues, on and after that date, to be the basis |
| |
amount for every drawdown pension year ending on or before the relevant |
| |
| |
| This is subject to sub-paragraphs (4)(b) and (5) of that paragraph. |
| |
(7) | Paragraph 24(4) of Schedule 28 to FA 2004 has effect for drawdown pension |
| 40 |
years beginning after 6 April 2011 and ending on or before the relevant date |
| |
as it has effect for drawdown pension years falling within any reference |
| |
period beginning after the relevant date, but as if— |
| |
(a) | paragraph (a) were omitted, |
| |
(b) | in paragraph (b), for “otherwise” there were substituted “if there has |
| 45 |
been a recent annuity, recent additional fund designation or recent |
| |
pension sharing event”, and |
| |
(c) | in paragraph 24(9) of that Schedule— |
| |
|
| |
|
| |
|
(i) | the reference to the reference date were a reference to the day |
| |
on which the last unsecured pension year began, and |
| |
(ii) | the reference to the immediately preceding drawdown |
| |
pension year included, in the case of a drawdown pension |
| |
year beginning on 6 April 2011, a reference to the last |
| 5 |
| |
(8) | In paragraph 24(7) to (8A) of that Schedule any reference to dependants’ |
| |
drawdown pension or the dependant’s drawdown pension fund is to be |
| |
read as including, in relation to anything occurring before 6 April 2011, a |
| |
reference to dependants’ unsecured pension or the dependant’s unsecured |
| 10 |
| |
99 (1) | This paragraph applies in the case of a person who— |
| |
(a) | reached the age of 75 on or after 22 June 2010 and before 6 April 2011, |
| |
| |
(b) | immediately before 6 April 2011, was entitled to dependants’ |
| 15 |
| |
(2) | Where the last unsecured pension year began on or after 7 April 2010— |
| |
(a) | pension death benefit rule 4 in section 167 of FA 2004 has effect in |
| |
relation to that year as if for “100%” there were substituted “120%”, |
| |
| 20 |
(b) | for the purposes of that pension death benefit rule, the amount |
| |
which, immediately before 6 April 2011, was the basis amount for |
| |
that year by virtue of paragraph 24 of Schedule 28 to FA 2004 |
| |
continues, on and after that date, to be the basis amount for that year. |
| |
(3) | The amendments made by paragraph 19 of this Schedule have effect in |
| 25 |
relation to drawdown pension years beginning on or after 6 April 2011. |
| |
Current alternatively secured pension year to become drawdown pension year |
| |
100 (1) | This paragraph applies in the case of a person who, immediately before 6 |
| |
April 2011, was entitled to dependants’ alternatively secured pension. |
| |
(2) | Where the last alternatively secured pension year began on or after 7 April |
| 30 |
2010, the reference in paragraph 23(1)(a) of Schedule 28 to FA 2004 |
| |
(drawdown pension year) to the day on which the dependant first becomes |
| |
entitled to drawdown pension is to be read as a reference to the day on |
| |
which that alternatively secured pension year began. |
| |
(3) | Accordingly, any alternatively secured pension year which began on or after |
| 35 |
7 April 2010 is to be regarded, on and after 6 April 2011, as a drawdown |
| |
| |
(4) | For the purposes of pension death benefit rule 4 in section 167 of FA 2004, |
| |
the amount which, immediately before 6 April 2011, was the basis amount |
| |
for that alternatively secured pension year by virtue of paragraph 27 of |
| 40 |
Schedule 28 to FA 2004 continues, on and after that date, to be the basis |
| |
| |
(5) | In this paragraph “the last alternatively secured pension year” means the |
| |
alternatively secured pension year in which 5 April 2011 fell. |
| |
|
| |
|
| |
|
Lump sums and lump sum death benefits |
| |
101 | The amendments made by paragraphs 24 to 26, 31 and 79(2) and (3) have |
| |
effect in relation to any lump sum to which a person becomes entitled for the |
| |
purposes of Part 4 of FA 2004 on or after 6 April 2011. |
| |
102 | The amendments made by paragraphs 27 to 30, 40, 42(2)(a) and (3), 63, 77(4), |
| 5 |
81(2) and (4), 82(3) to (5) and 83 have effect in relation to lump sums paid on |
| |
| |
103 | The amendments made by paragraphs 33 to 39, 41, 42(2)(b) and (c), (4) and |
| |
(5), 65, 67, 68, 75(a), 76, 77(5), 79(4) and 82(6) have effect in relation to deaths |
| |
occurring on or after 6 April 2011. |
| 10 |
Lifetime allowance charge |
| |
104 (1) | The amendments made by paragraphs 43, 44, 73, 80 and 82(2) have effect in |
| |
relation to benefit crystallisation events occurring on or after 6 April 2011. |
| |
(2) | Any reference in a provision within sub-paragraph (3) to an amount |
| |
previously crystallised on the designation of sums or assets as available for |
| 15 |
the payment of drawdown pension includes a reference to an amount |
| |
crystallised before 6 April 2011 on the designation of sums or assets as |
| |
available for the payment of unsecured pension. |
| |
| |
(a) | paragraph 3(2) of Schedule 32 to FA 2004 (benefit crystallisation |
| 20 |
events 1 and 2: prevention of overlap); |
| |
(b) | paragraph 4(2) of that Schedule (benefit crystallisation events 1 and |
| |
4: prevention of overlap); |
| |
(c) | paragraph 17(2) of that Schedule (benefit crystallisation event 8: |
| |
prevention of overlap with other events). |
| 25 |
| |
105 | The amendments made by paragraphs 47 and 50 have effect in relation to |
| |
dispositions made (or treated as made) on or after 6 April 2011. |
| |
106 | The amendments made by paragraphs 48 and 51 to 57 have effect in relation |
| |
to deaths occurring on or after 6 April 2011. |
| 30 |
| |
107 | Any repeal in paragraph 84 has effect to the same extent as the provision of |
| |
this Schedule to which the repeal relates. |
| |
Power to make retrospective provision in orders and regulations under Part 4 of FA 2004 |
| |
108 (1) | This paragraph applies to any order or regulations under Part 4 of FA 2004 |
| 35 |
| |
(a) | are made in the tax year beginning on 6 April 2011, and |
| |
(b) | are made in consequence of, or for the purposes of, or for giving full |
| |
effect to, the amendments of that Part made by this Schedule. |
| |
(2) | Section 282 of that Act (orders and regulations) has effect in relation to any |
| 40 |
order or regulations to which this paragraph applies as if in subsection (A1) |
| |
|
| |
|