Paragraph 1

F1Sub-paragraphs (2) to (2B) apply on and after 6 April 2014 in the case of an individual—

if notice of intention to rely on it is given to an officer of Revenue and Customs before 6 April 2017.

Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637P of that Act (individual’s lump sum allowance) were the lower of—

Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were F4...—

For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is the lower of—

But F5sub-paragraphs (2) to (2B) do not apply at any time when any of the following provisions applies in the case of the individual—

“Relevant arrangement”, in relation to an individual, means an arrangement relating to the individual under—

An individual's “relevant amount” is the sum of amounts A, B, C and D (see paragraphs 2 to 5).

Sub-paragraphs (7) and (8) apply if rights of an individual under a relevant arrangement become subject to a pension debit where the transfer day falls on or after 6 April 2014.

For the F6purposes of applying sub-paragraphs (2) to (2B) in the case of the individual on and after the transfer day, the individual's relevant amount is reduced (or further reduced) by the following amount—

where—

(If the formula gives a negative amount, it is to be taken to be nil.)

But if the individual's relevant amount would be reduced (or further reduced) to £1,250,000 or less, sub-paragraph (2) is not to apply at all in the case of the individual on and after the transfer day.

In sub-paragraphs (6) to (8) “appropriate amount” and “transfer day”, in relation to a pension debit, have the same meaning as in section 29 of WRPA 1999 or Article 26 of WRP(NI)O 1999 (as the case may be).