8(1)For the purposes of this Part the [F1member's drawdown pension fund] in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement [F2as are member-designated funds.]U.K.
[F3(1A)For the purposes of this Part sums or assets held for the purposes of an arrangement are member-designated funds if F4...—
(a)[F5they have, at any time before 6 April 2015, been designated] under the arrangement as available for the payment of [F6drawdown pension],
[F7(aa)they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and—
(i)sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and
(ii)section 165(3A) did not apply to the arrangement immediately before 6 April 2015,] or
(b)[F8they] arise, or (directly or indirectly) derive, from [F9member-designated funds under paragraph (a) or (aa) or from sums or assets] which so arise or derive,
and have not been applied towards the provision of a scheme pension.]
F10(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F11(4)If any sums or assets representing the member's [F12drawdown pension fund] in respect of an arrangement under the pension scheme would (apart from this sub-paragraph) come to be taken to represent another unsecured pension fund of his under the pension scheme, or a dependant's [F12drawdown pension fund] of his under the pension scheme, they are to be treated as not doing so.]
Textual Amendments
F1Words in Sch. 28 para. 8(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(2)
F2Words in Sch. 28 para. 8(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(2), 64(1)
F3Sch. 28 para. 8(1A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(3), 64(1)
F4Word in Sch. 28 para. 8(1A) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(a)
F5Words in Sch. 28 para. 8(1A)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(b)
F6Words in Sch. 28 para. 8(1A)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(3)
F7Sch. 28 para. 8(1A)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(c)
F8Word in Sch. 28 para. 8(1A)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(d)(i)
F9Words in Sch. 28 para. 8(1A)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(d)(ii)
F10Sch. 28 para. 8(2)(3) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 6(4)
F11Sch. 28 para. 8(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(5), 64(1)
F12Words in Sch. 28 para. 8(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(5)
Modifications etc. (not altering text)
C1Sch. 28 para. 8 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 29(1)-(3)
C2Sch. 28 para. 8 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 8(1)(2)
C3Sch. 28 para. 8(1A) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 88