Paragraph 22 C1

United Kingdom

(1)

For the purposes of this Part a F1dependant's drawdown pension fund in respect of an arrangement consists of such of the sums and assets held for the purposes of the arrangement—

F2(a)

as are dependant-designated funds, and

(b)

have not been applied towards the provision of a dependants' scheme pension.

C2(F32)

For the purposes of this Part sums or assets held for the purposes of an arrangement are dependant-designated funds if F4...—

(a)

F5they have, at any time before 6 April 2015, been designated under the arrangement as available for the payment of F6dependants' drawdown pension F7...,

(F8aa)

they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension ..., and—

(i)

sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and

(ii)

section 167(2A) did not apply to the arrangement immediately before 6 April 2015, or

(b)

F9they arise, or (directly or indirectly) derive, from F10dependant-designated funds under paragraph (a) or (aa) or from sums or assets which so arise or derive.

(3)

If any sums or assets representing a F11person's F12dependant's drawdown pension fund in respect of an arrangement under the pension scheme would (apart from this sub-paragraph)—

(a)

come to be taken to represent another dependant's drawdown pension fund of his under the pension scheme, or F13a drawdown pension fund of his under the pension scheme, or

(b)

are applied towards the provision of a scheme pension or a lifetime annuity,

they are to be treated as not doing so.

Annotations

Textual amendments

F1: Words in Sch. 28 para. 22(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(2)
F2: Sch. 28 para. 22(1)(a)(b) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 21(2), 64(1)
F3: Sch. 28 para. 22(2)(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 21(3), 64(1)
F4: Word in Sch. 28 para. 22(2) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(a)
F5: Words in Sch. 28 para. 22(2)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(b)
F6: Words in Sch. 28 para. 22(2)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(3)
F7: Words in Sch. 28 para. 22(2)(a)(aa) omitted (16.9.2016) by virtue of Finance Act 2016 (c. 24), Sch. 5 para. 6(3)(a)(4)
F8: Sch. 28 para. 22(2)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(c)
F9: Word in Sch. 28 para. 22(2)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(d)(i)
F10: Words in Sch. 28 para. 22(2)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 21(d)(ii)
F11: Word in Sch. 28 para. 22(3) inserted (16.9.2016) by Finance Act 2016 (c. 24), Sch. 5 para. 6(3)(b)(4)
F12: Words in Sch. 28 para. 22(3) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(4)(a)
F13: Words in Sch. 28 para. 22(3)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(4)(b)

Modifications

C1: Sch. 28 para. 22 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 30(1)-(3)
C2: Sch. 28 para. 22(2) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 96

Notes on Schedule 28

Modifications

C1: Sch. 28 modified by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207), regs. 1(1), 14 (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2012/1795, regs. 1(1), 5)

Notes on Dependant's drawdown pension fund

Textual amendments

F1: Sch. 28 para. 22 cross-heading substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 16(5)