The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026
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Change 1
4 Schedule 29 to FA 2004
(1) Schedule 29 to FA 2004 (registered pension schemes: authorised lump sums - supplementary) is amended as follows. (2) In paragraph 8 (trivial commutation lump sum)— (a) in sub-paragraph (1)(c), for “under a registered pension scheme” substitute “to which sub-paragraph (3) applies”; (b) at the end of sub-paragraph (1)(c) insert , and (d) if, at any time in the period beginning with 6 April 2006 and ending with the nominated date, there has been a transfer of sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme so as to become held for the purposes of or to represent rights under a qualifying recognised overseas pension scheme in connection with the member’s membership of that pension scheme, the aggregate of the amount of any sums transferred and the market value of any assets transferred. ; (c) after sub-paragraph (2) insert— (3) This sub-paragraph applies to any lump sum paid under a registered pension scheme that is not any of the following— (a) a short service refund lump sum; (b) a refund of excess contributions lump sum; (c) a trivial commutation lump sum; (d) a winding-up lump sum. (4) A reference in sub-paragraph (3)(a) to (d) to a description of lump sum includes a lump sum that is treated as a lump sum of that description for the purposes of ITEPA 2003 by virtue of section 164(1)(f) (power to prescribe authorised member payments). (3) In paragraph 12A (meaning of references in Schedule 29 to amount of lump sum allowance or lump sum and death benefit allowance that is “available”), after sub-paragraph (4) insert— (5) When making that assumption in relation to the reference in paragraph 2(c) (permitted maximum for a pension commencement lump sum) any provision under which section 637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) is treated as specifying the member’s enhanced lump sum and death benefit allowance (determined under paragraph 20H of Schedule 36 to this Act) is to be disregarded. (4) In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), in the definition of AC— (a) in paragraph (a), for “and (4)” substitute “(disregarding paragraph 2D(4))”; (b) in paragraph (b) for “and (4)” substitute “(disregarding paragraph 2B(4))”.
4 Schedule 29 to FA 2004
(1) Schedule 29 to FA 2004 (registered pension schemes: authorised lump sums - supplementary) is amended as follows. (2) In paragraph 8 (trivial commutation lump sum)— (a) in sub-paragraph (1)(c), for “under a registered pension scheme” substitute “to which sub-paragraph (3) applies”; (b) at the end of sub-paragraph (1)(c) insert , and (d) if, at any time in the period beginning with 6 April 2006 and ending with the nominated date, there has been a transfer of sums or assets held for the purposes of, or representing accrued rights under, a registered pension scheme so as to become held for the purposes of or to represent rights under a qualifying recognised overseas pension scheme in connection with the member’s membership of that pension scheme, the aggregate of the amount of any sums transferred and the market value of any assets transferred. ; (c) after sub-paragraph (2) insert— (3) This sub-paragraph applies to any lump sum paid under a registered pension scheme that is not any of the following— (a) a short service refund lump sum; (b) a refund of excess contributions lump sum; (c) a trivial commutation lump sum; (d) a winding-up lump sum. (4) A reference in sub-paragraph (3)(a) to (d) to a description of lump sum includes a lump sum that is treated as a lump sum of that description for the purposes of ITEPA 2003 by virtue of section 164(1)(f) (power to prescribe authorised member payments). (3) In paragraph 12A (meaning of references in Schedule 29 to amount of lump sum allowance or lump sum and death benefit allowance that is “available”), after sub-paragraph (4) insert— (5) When making that assumption in relation to the reference in paragraph 2(c) (permitted maximum for a pension commencement lump sum) any provision under which section 637R of ITEPA 2003 (individual’s lump sum and death benefit allowance) is treated as specifying the member’s enhanced lump sum and death benefit allowance (determined under paragraph 20H of Schedule 36 to this Act) is to be disregarded. (4) In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), in the definition of AC— (a) in paragraph (a), for “and (4)” substitute “(disregarding paragraph 2D(4))”; (b) in paragraph (b) for “and (4)” substitute “(disregarding paragraph 2B(4))”.
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