# Finance Act 2004, Paragraph 8D

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

(1) Sub-paragraphs (2) and (3) apply if—
(a) there is a recognised transfer from one registered pension scheme (“the old scheme”) to another registered pension scheme (“the new scheme”) of member-designated funds held for the purposes of an arrangement under the old scheme, and
(b) the sums or assets transferred are, under the arrangement under the new scheme for whose purposes they are first held after the transfer, designated as available for the payment of drawdown pension.
(2) If the member, when or before making the designation, notifies the scheme manager of the new scheme that the member wishes the sums or assets to be newly-designated funds, the sums or assets become newly-designated funds and do so—
(a) when the designation is made, or
(b) if later, immediately after the transfer,
except that, if both the designation and transfer are made before 6 April 2015, the sums or assets become newly-designated funds at the start of 6 April 2015.
(3) If sub-paragraph (2) does not provide for the sums or assets to become newly-designated funds, the sums or assets become member-designated funds and do so—
(a) when the designation is made, or
(b) if later, immediately after the transfer.

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