SCHEDULES

SCHEDULE 5U.K.Pension schemes: collective money purchase benefits

PART 1 U.K.Amendments of Part 4 of FA 2004

21(1)Schedule 29 (authorised lump sums - supplementary) is amended as follows.U.K.

(2)In paragraph 1 (pension commencement lump sum)—

(a)in sub-paragraph (1)(f), for “sub-paragraph (4)” substitute “ sub-paragraphs (4) and (4A) ”;

F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In paragraph 2 (pension commencement lump sum), in sub-paragraph (6B), after “money purchase arrangement” insert “ that is not a collective money purchase arrangement ”.

(4)In paragraph 3 (pension commencement lump sum: definition of “the applicable amount” for the purposes of paragraph 2(5))—

(a)in sub-paragraph (6), after “defined benefits arrangement” insert “ or a collective money purchase arrangement ”;

(b)in sub-paragraph (7A), after “money purchase arrangement” insert “ that is not a collective money purchase arrangement ”.

(5)In paragraph 4A (uncrystallised funds pension lump sum), in sub-paragraph (1)(a), after “money purchase arrangement” insert “ that is not a collective money purchase arrangement ”.

(6)In paragraph 7 (trivial commutation lump sum), in sub-paragraph (1)—

(a)in paragraph (aa)—

(i)after “defined benefits arrangement,” insert “ or in respect of a collective money purchase arrangement, ”;

(ii)after “under a money purchase arrangement” insert “ that is not a collective money purchase arrangement ”;

(iii)for “or partly in respect of the former and partly in respect of the latter” substitute “ or in respect of any combination of such arrangements and scheme pensions ”;

(b)in paragraph (d), after “defined benefits” insert “ , and any entitlement to collective money purchase benefits, ”.

Textual Amendments

Commencement Information

I1Sch. 5 para. 21 in force at 1.8.2022 for the purposes of the amendments made by that paragraph by S.I. 2022/874, reg. 2