Regulation 116 Pension protection lump sum death benefit

(1)

A lump sum death benefit is treated for the purposes of FA 2004 as a pension protection lump sum death benefit if and to the extent that—

(a)

the member has given written notice to the scheme manager that the lump sum death benefit is to be so treated; and

(b)

any other conditions that are required to be met for the lump sum death benefit to be so treated are met (see paragraph 14 of Part 2 (lump sum death benefit rule) of Schedule 29 to FA 2004^f1).

(2)

Tax may be deducted from the lump sum death benefit if the scheme manager is liable for tax under section 206 (special lump sum death benefits charge) of FA 2004^f2 in respect of a pension protection lump sum death benefit.

Annotations

Footnotes

f1: Paragraph 14 was amended by the Finance Act 2011 (c. 11) Schedule 16 paragraphs 32 and 34.
f2: Section 206 was amended by the Finance Act 2011 (c. 11) Schedule 16 paragraph 41 and the Finance Act 2013 (c. 29) Schedule 46 paragraphs 119 and 123.