Schedules
Schedule 9Pensions
Part 4Transitional protections
93Amendments of Schedule 4 to FA 2016
1
Schedule 4 to FA 2016 (pensions: lifetime allowance: transitional provision) is amended as follows is amended as follows.
2
In the heading, for “lifetime allowance” substitute “lump sum allowance and lump sum and death benefit allowance”
.
3
In Part 1 (“fixed protection 2016”)—
a
in paragraph 1 (the protection), for sub-paragraph (2) substitute—
2
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
a
the amount specified in section 637P of that Act (individual’s lump sum allowance) were £312,500, and
b
the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were £1,250,000.
b
in paragraph 2 (the initial conditions), in paragraph (b), for “make provision for a lifetime allowance enhancement factor” substitute “apply on 6 April 2016”
.
4
In Part 2 (“individual protection 2016”), in paragraph 9 (the protection)—
a
in sub-paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply on 6 April 2016”
;
b
for sub-paragraph (2) substitute—
2
Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—
a
the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—
i
25% of the individual’s relevant amount;
ii
£312,500, and
b
the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were the lower of—
i
the individual’s relevant amount;
ii
£1,250,000.
5
In Part 3 (reference numbers etc), in paragraph 14 (issuing of reference numbers for fixed or individual protection 2016), in sub-paragraph (3)(b), at the end insert “but before 6 April 2025”
.