Finance Act 2024

Amendments of the Registered Pension Schemes (Provision of Information) Regulations 2006

107 (1) Regulation 7 (percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event) is amended as follows.

(2) For the heading substitute “Relevant benefit crystallisation events: amount of member’s allowances expended”.

(3) For paragraphs (1) and (2) substitute—

“(1) The amount of a member’s lump sum allowance or lump sum and death benefit allowance expended on the happening of a relevant benefit crystallisation event is the non-taxable amount in relation to the lump sum to which the member becomes entitled, or the lump sum death benefit which a person is paid in respect of the member.”

(4) In paragraph (3)(a) omit “, (2A), (2B)”.

(5) For paragraph (4) substitute—

“(4) The total amount of a member’s lump sum allowance or lump sum and death benefit allowance expended is the sum of the amounts calculated in accordance with paragraph (1) in respect of each relevant benefit crystallisation event that has occurred in relation to the member.”

(6) After paragraph (4) insert—

“(5) In this regulation “non-taxable amount”—

(a) in relation to a member’s lump sum allowance, has the meaning given by section 637Q(6) of ITEPA 2003;

(b) in relation to a member’s lump sum and death benefit allowance, has the meaning given by section 637S(6) of ITEPA 2003.”