# Finance Act 2004, Paragraph 8

Extent: E+W+S+N.I.

(1) For the purposes of this Part the member's drawdown pension fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are member-designated funds.
(1A) For the purposes of this Part sums or assets held for the purposes of an arrangement are member-designated funds if ...—
(a) they have, at any time before 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension,
(aa) 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) they arise, or (directly or indirectly) derive, from member-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.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) If any sums or assets representing the member's drawdown 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.

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Source: https://www.legislation.gov.uk/ukpga/2004/12/schedule/28/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2004/schedule-28/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.