[F12U.K.In paragraph 1 “the permitted maximum”, in relation to a lump sum, means the lowest of the following amounts—
(a)the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D);
(b)so much of the member’s lump sum allowance as is available on the individual becoming entitled to the lump sum (see paragraph 12A);
(c)so much of the member’s lump sum and death benefit allowance as is available on the individual becoming entitled to the lump sum (see paragraph 12A).]
Textual Amendments
F1Sch. 29 para. 2 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)