OpenLegislation

Paragraph 8 C1C2

United Kingdom

(1)

For the purposes of this Part the F1member's drawdown pension fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement F2as are member-designated funds.

C3(F31A)

For the purposes of this Part sums or assets held for the purposes of an arrangement are member-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 F6drawdown pension,

(F7aa)

they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of 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 165(3A) did not apply to the arrangement immediately before 6 April 2015, or

(b)

F8they arise, or (directly or indirectly) derive, from F9member-designated funds under paragraph (a) or (aa) or from sums or assets which so arise or derive,

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

F10(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(4)

If any sums or assets representing the member's F12drawdown pension fund in respect of an arrangement under the pension scheme would (apart from this sub-paragraph) come to be taken to represent another unsecured pension fund of his under the pension scheme, or a dependant's drawdown pension fund of his under the pension scheme, they are to be treated as not doing so.

Annotations

Textual amendments

F1

Words in Sch. 28 para. 8(1) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(2)

F2

Words in Sch. 28 para. 8(1) substituted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(2), 64(1)

F3

Sch. 28 para. 8(1A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(3), 64(1)

F4

Word in Sch. 28 para. 8(1A) omitted (17.12.2014) by virtue of Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(a)

F5

Words in Sch. 28 para. 8(1A)(a) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(b)

F6

Words in Sch. 28 para. 8(1A)(a) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(3)

F7

Sch. 28 para. 8(1A)(aa) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(c)

F8

Word in Sch. 28 para. 8(1A)(b) inserted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(d)(i)

F9

Words in Sch. 28 para. 8(1A)(b) substituted (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 para. 2(d)(ii)

F10

Sch. 28 para. 8(2)(3) omitted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 16 para. 6(4)

F11

Sch. 28 para. 8(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 18(5), 64(1)

F12

Words in Sch. 28 para. 8(4) substituted (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 6(5)

Modifications

C1

Sch. 28 para. 8 modified (6.4.2006) by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), arts. 1(1), 29(1)-(3); (as amended (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 25(19))

C2

Sch. 28 para. 8 modified (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), Sch. 3 para. 8(1)(2)

C3

Sch. 28 para. 8(1A) modified (with effect in accordance with Sch. 16 para. 85 of the amending Act) by Finance Act 2011 (c. 11), Sch. 16 para. 88

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 Member's drawdown pension fund

Textual amendments

F1

Sch. 28 para. 8 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. 6(6)