Article 2 Amendment of the National Employment Savings Trust Order 2010

(1)

The National Employment Savings Trust Order 2010^f1 is amended as follows.

(2)

In article 32 (payment of benefits by the Trustee)—

(a)

in paragraph (1) after the word “provide” insert “one or more of”;

(b)

for paragraph (2)(a) substitute—

“(a)

where a member is alive—

(i)

the payment to the member of a lump sum;

(ii)

the payment to the member of a scheme pension;

(iii)

the purchase of a lifetime annuity policy in the name of the member;

(iv)

the payment to the member of a drawdown pension;”;

(c)

in paragraph (2)(b)—

(i)

omit the “or” after paragraph (iii); and

(ii)

after paragraph (iv), insert

“;

(v)

the payment of a dependants’ scheme pension;

(vi)

the payment of a drawdown pension to a dependant of the member, a nominee of the member, or a successor of the member.”;

(d)

in paragraph (4)—

(i)

move the definition of “dependants’ annuity” so that it appears after the definition of “charity lump sum death benefit”;

(ii)

at the appropriate places insert—

““dependant of the member” has the same meaning as in paragraph 15 of Schedule 28 to the Finance Act 2004^f2”;

““dependants’ scheme pension” has the same meaning as in paragraph 16 of Schedule 28 to the Finance Act 2004^f3”;

““drawdown pension” has the same meaning as in paragraph 4 of Schedule 28 to the Finance Act 2004^f4”;

““nominee of the member” has the same meaning as in paragraph 27A of Schedule 28 to the Finance Act 2004^f5”;

““scheme pension” has the same meaning as in paragraph 2 of Schedule 28 to the Finance Act 2004^f6”;

““successor of the member” has the same meaning as in paragraph 27F of Schedule 28 to the Finance Act 2004^f7”.

Annotations

Footnotes

f1: S.I. 2010/917; relevant amending instruments are S.I. 2013/597, S.I. 2015/178.
f2: Paragraph 15 of Schedule 28 was amended by the Finance Act 2005 (c. 7), Schedule 10, paragraph 26; the Finance Act 2016 (c. 24), Schedule 5, paragraph 6(2) and (5); and S.I. 2005/3229, regulation 180.
f3: Paragraph 16 of Schedule 28 was amended by the Finance Act 2005 (c. 7), Schedule 10, paragraph 27, and Schedule 11, Part 4; and the Finance Act 2008 (c. 9), Schedule 28, paragraph 5.
f4: Paragraph 4 of Schedule 28 was amended by the Finance Act 2011 (c. 11), Schedule 16, paragraph 3.
f5: Paragraph 27A of Schedule 28 was inserted by the Taxation of Pensions Act 2014 (c. 30), Schedule 2, paragraph 3.
f6: Paragraph 2 of Schedule 28 was amended by the Finance Act 2005 (c. 7), Schedule 10, paragraph 11 and Schedule 11, Part 4; the Finance Act 2006 (c. 25), Schedule 23, paragraph 20; the Finance Act 2007 (c. 11), Schedule 20, paragraph 7(1) and (2); the Finance Act 2016 (c. 24), section 20(1) to (4); the Finance Act 2021 (c. 26), Schedule 5, paragraph 20(1) and (2); and S.I. 2007/493, regulation 2(1) and (2).
f7: Paragraph 27F of Schedule 28 was inserted by the Taxation of Pensions Act 2014 (c. 30), Schedule 2, paragraph 3(1).