Paragraph 1

(1)

Sub-paragraph (2) applies at any particular time on or after 6 April 2016 in the case of an individual if—

(a)

each of the conditions specified in paragraph 2 is met,

(b)

there is no protection-cessation event (see paragraph 3) in the period beginning with 6 April 2016 and ending with the particular time,

(c)

paragraph 1(2) of Schedule 6 to FA 2014 (“individual protection 2014”) does not apply in the individual's case at the particular time, and

(d)

at the particular time or any later time, the individual has a reference number (see Part 3 of this Schedule) for the purposes of sub-paragraph (2).

F1(2)

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—

(a)

the amount specified in section 637P of that Act (individual’s lump sum allowance) were £312,500, and

(b)

the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were—

(i)

if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(ii)

otherwise, £1,250,000.

(3)

For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is £1,250,000.

Annotations

Textual amendments

F1: Sch. 4 para. 1(2)(3) substituted for Sch. 4 para. 1(2) (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), 16(2)

Notes on Schedule 4

Textual amendments

F1: Words in Sch. 4 heading substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 93(2), 124 (with Sch. 9 paras. 125-132)

Modifications

C1: Sch. 4 modified (24.4.2025 for the tax year 2024-25 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 (S.I. 2025/419), regs. 1(2)(6), 19 (with reg. 18(2))