The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
2 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 2C (definition of “the applicable amount” in certain cases)— (a) in sub-paragraph (1)— (i) in the opening words, after “relevant pension is” insert “a scheme pension under”; (ii) in paragraph (a) omit “a scheme pension under”; (b) in sub-paragraph (2)— (i) in the opening words, for “sub-paragraph (3)” substitute “sub-paragraphs (3) and (4)”; (ii) in the formula, in the numerator omit “- D”; (iii) in the definition of B, for “revaluation” substitute “valuation”; (iv) omit the definition of D; (c) in sub-paragraph (3), for “subsection” substitute “sub-paragraph”; (d) after sub-paragraph (3) insert— (4) For the purposes of sub-paragraph (2), any part of what would otherwise be A or C which represents rights attributable to a disqualifying pension credit is to be disregarded. . (3) For paragraph 8 (trivial commutation lump sum: value of member’s relevant crystallised pension rights on nominated date) substitute— 8 (1) The value of the member’s relevant crystallised pension rights on the nominated date is the aggregate of— (a) the value of the member’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10 of Schedule 36 (as if the member were the individual mentioned there), and (b) if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has become entitled under a registered pension scheme to income withdrawal, a lifetime annuity or a scheme pension, the relevant capital amount, and (c) if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has been paid a lump sum under a registered pension scheme, the amount of the lump sum. (2) In sub-paragraph (1)(b) “the relevant capital amount” means— (a) in relation to income withdrawal, the scheme pension capital value, as determined under paragraph 2A(3) and (4); (b) in relation to a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4); (c) in relation to a scheme pension under a defined benefits arrangement or a collective money purchase arrangement, the amount given by the formula— B × C where B and C have the same meaning as they have for the purposes of paragraph 2C(2); (d) in relation to a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement, the scheme pension purchase price, as determined under paragraph 2D(3) and (4). .
2 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 2C (definition of “the applicable amount” in certain cases)— (a) in sub-paragraph (1)— (i) in the opening words, after “relevant pension is” insert “a scheme pension under”; (ii) in paragraph (a) omit “a scheme pension under”; (b) in sub-paragraph (2)— (i) in the opening words, for “sub-paragraph (3)” substitute “sub-paragraphs (3) and (4)”; (ii) in the formula, in the numerator omit “- D”; (iii) in the definition of B, for “revaluation” substitute “valuation”; (iv) omit the definition of D; (c) in sub-paragraph (3), for “subsection” substitute “sub-paragraph”; (d) after sub-paragraph (3) insert— (4) For the purposes of sub-paragraph (2), any part of what would otherwise be A or C which represents rights attributable to a disqualifying pension credit is to be disregarded. . (3) For paragraph 8 (trivial commutation lump sum: value of member’s relevant crystallised pension rights on nominated date) substitute— 8 (1) The value of the member’s relevant crystallised pension rights on the nominated date is the aggregate of— (a) the value of the member’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10 of Schedule 36 (as if the member were the individual mentioned there), and (b) if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has become entitled under a registered pension scheme to income withdrawal, a lifetime annuity or a scheme pension, the relevant capital amount, and (c) if, at any time in the period beginning with 6th April 2006 and ending with the nominated date, the member has been paid a lump sum under a registered pension scheme, the amount of the lump sum. (2) In sub-paragraph (1)(b) “the relevant capital amount” means— (a) in relation to income withdrawal, the scheme pension capital value, as determined under paragraph 2A(3) and (4); (b) in relation to a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4); (c) in relation to a scheme pension under a defined benefits arrangement or a collective money purchase arrangement, the amount given by the formula— B × C where B and C have the same meaning as they have for the purposes of paragraph 2C(2); (d) in relation to a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement, the scheme pension purchase price, as determined under paragraph 2D(3) and (4). .
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
How this law is officially changed
Solon does not know this law's official route yet. The proposal is recorded all the same, and the route appears here once its source is added.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.