{
  "url": "https://openlegislation.uk/finance-act-2004/schedule-29/paragraph-2D",
  "json_url": "https://openlegislation.uk/finance-act-2004/schedule-29/paragraph-2D.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "schedule/29/paragraph/2D",
  "kind": "paragraph",
  "number": "2D",
  "heading": null,
  "text": "(1) This paragraph defines “the applicable amount” in relation to a relevant pension in a case in which the relevant pension is a scheme pension under a money purchase arrangement that is not a collective money purchase arrangement.\n(2) The applicable amount is one third of the scheme pension purchase price.\n(3) The scheme pension purchase price is (subject to sub-paragraph (4)) the aggregate of—\n(a) such of the sums held for the purposes of the pension scheme, and\n(b) the market value of such of the assets held for the purposes of the pension scheme,\nas are applied in (or in connection with) the purchase or provision of the scheme pension and any related dependants’ scheme pension.\n(4) There is to be deducted from the amount determined under sub-paragraph (3)—\n(a) if the scheme pension is funded (in whole or in part) by the application of sums or assets representing the whole or part of the member’s drawdown pension fund or of the member’s flexi-access drawdown fund, the aggregate of those sums and the market value of those assets, and\n(b) in any case, so much (if any) of the sums and assets referred to in sub-paragraph (3)(a) and (b) as represent rights which are attributable to a disqualifying pension credit.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 29 paras. 2A-2D substituted for Sch. 29 para. 3 (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 26(5), 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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/schedule/29/paragraph/2D",
    "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."
}