{
  "url": "https://openlegislation.uk/finance-act-2004/schedule-29/paragraph-2",
  "json_url": "https://openlegislation.uk/finance-act-2004/schedule-29/paragraph-2.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "schedule/29/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": null,
  "text": "In paragraph 1 “the permitted maximum”, in relation to a lump sum, means the lowest of the following amounts—\n(a) the applicable amount in relation to the relevant pension (see paragraphs 2A to 2D);\n(b) so much of the member’s lump sum allowance as is available on the member becoming entitled to the lump sum (see paragraph 12A);\n(c) so much of the member’s lump sum and death benefit allowance as is available on the member becoming entitled to the lump sum (see paragraph 12A).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 29 para. 2 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(4), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in Sch. 29 para. 2(b) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 29 para. 2(c) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024 (S.I. 2024/1012), regs. 1(2)(3), 6(2)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 29 para. 2 modified (for the tax year 2024-25 and subsequent tax years) by S.I. 2010/1187, reg. 19(1) (as substituted by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 15(5))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/schedule/29/paragraph/2",
    "retrieved_at": "2026-10-29T09:17:16.113356+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}