{
  "url": "https://openlegislation.uk/finance-act-2004/schedule-36/paragraph-29",
  "json_url": "https://openlegislation.uk/finance-act-2004/schedule-36/paragraph-29.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "schedule/36/paragraph/29",
  "kind": "paragraph",
  "number": "29",
  "heading": null,
  "text": "(1) If (and for so long as) paragraph 12 (enhanced protection) applies in relation to the individual, paragraphs 2A to 2D of Schedule 29 (meaning of “the applicable amount” in relation to a relevant pension) apply with the following modifications.\n(2) Paragraph 2A of that Schedule (meaning of “the applicable amount” where the relevant pension is income withdrawal) applies as if, for sub-paragraphs (2) to (4), there were substituted—\n“(2) The applicable amount is—\nAB×C+Dwhere—\nA is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36;\nB is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;\nC is the pension commencement lump sum paid;\nD is—\n(a)the aggregate of the sums, and the market value of the assets, designated as available for the payment of drawdown pension on that occasion, less\n(b)so much (if any) of that amount as represents rights which are attributable to a disqualifying pension credit.”\n(3) Paragraph 2B of that Schedule (meaning of “the applicable amount” where the relevant pension is a lifetime annuity) applies as if, for sub-paragraph (2) there were substituted—\n“(2) The applicable amount is ...—\nAB×C+D-Ewhere—\nA is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36 to FA 2004;\nB is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;\nC is the pension commencement lump sum paid;\nD is the annuity purchase price;\n...”\n(4) Paragraph 2C of that Schedule (meaning of “the applicable amount” where the relevant pension is a defined benefits arrangement or a collective money purchase arrangement) applies as if, for sub-paragraphs (2) to (4), there were substituted—\n“(2) The applicable amount is (subject to sub-paragraph (3))—\nAB×C+Dwhere—\n“A” is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36;\n“B” is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;\n“C” is the pension commencement lump sum paid;\n“D” is an amount equal to the value of the pension rights crystallised by reason of the individual becoming entitled to the pension.\n(3) For the purposes of sub-paragraph (2), any part of what would otherwise be C or D which represents rights attributable to a disqualifying pension credit is to be disregarded.”\n(5) Paragraph 2D of that Schedule (meaning of “the applicable amount” where the relevant pension is a money purchase arrangement) applies as if, for sub-paragraph (2), there were substituted—\n“(2) The applicable amount is—\nAB×C+Dwhere—\nA is the value of the individual’s relevant uncrystallised lump sum rights on 5 April 2006, calculated in accordance with paragraphs 25 and 26 of Schedule 36;\nB is the value of the individual’s uncrystallised pension rights on 5 April 2006, calculated in accordance with paragraphs 8 and 9 of that Schedule;\nC is the pension commencement lump sum paid;\nD is the scheme pension purchase price.”\n(6) The Commissioners for His Majesty’s Revenue and Customs may by regulations make provision about how the value of pension rights crystallised by reason of an individual becoming entitled to a pension is to be determined for the purposes of paragraph 2C(2) of Schedule 29, as modified by sub-paragraph (4) of this paragraph.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 36 para. 29 substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 84, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and by S.I. 2024/1012, regs. 1(2)(3), 17)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 36 para. 29(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(8)(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 36 para. 29(3) formula: word \"-E\" omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(8)(b)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 36 para. 29(3) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(8)(c)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Sch. 36 para. 29(4) substituted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(9)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Sch. 36 para. 29(6) inserted (for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026 (S.I. 2026/698), regs. 1(2)(6), 5(10)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/schedule/36/paragraph/29",
    "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."
}