The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024
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Change 1
6 Schedule 29 to FA 2004
(1) Schedule 29 to FA 2004 (authorised lump sums - supplementary) is amended as follows. (2) In paragraph 2 (pension commencement lump sum: definition of “the permitted maximum”), in sub-paragraphs (b) and (c), for “individual” substitute “member”. (3) In paragraph 4A (uncrystallised funds pension lump sum), in sub-paragraph (8)(b), for “paragraph 12(3H)” substitute “paragraph 12A(2)(b)”. (4) In paragraph 14 (pension protection lump sum death benefit), in sub-paragraph (3)— (a) in the formula, for “AC” substitute “(B x C)”; (b) for the definition of AC substitute— B and C have the same meaning as they have for the purposes of paragraph 2C(2); . (5) In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), for the definition of AC substitute— AC is— (a) where the lump sum is paid in respect of a scheme pension, the scheme pension purchase price, as determined under paragraph 2D(3) and (4); (b) where the lump sum is paid in respect of a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4); .
6 Schedule 29 to FA 2004
(1) Schedule 29 to FA 2004 (authorised lump sums - supplementary) is amended as follows. (2) In paragraph 2 (pension commencement lump sum: definition of “the permitted maximum”), in sub-paragraphs (b) and (c), for “individual” substitute “member”. (3) In paragraph 4A (uncrystallised funds pension lump sum), in sub-paragraph (8)(b), for “paragraph 12(3H)” substitute “paragraph 12A(2)(b)”. (4) In paragraph 14 (pension protection lump sum death benefit), in sub-paragraph (3)— (a) in the formula, for “AC” substitute “(B x C)”; (b) for the definition of AC substitute— B and C have the same meaning as they have for the purposes of paragraph 2C(2); . (5) In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), for the definition of AC substitute— AC is— (a) where the lump sum is paid in respect of a scheme pension, the scheme pension purchase price, as determined under paragraph 2D(3) and (4); (b) where the lump sum is paid in respect of a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4); .
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