Paragraph 132 Modifications of scheme rulesF7

A rule of a registered pension scheme relating to a member’s entitlement to F2, or to the payment of, a lifetime allowance excess lump sum has effect, in relation to entitlements arising on or after 6 April 2024, and so far as possible, as a rule relating to the member’s entitlement to , or to the payment of, a pension commencement excess lump sum.

The amendments F4... made by or under this Schedule F5, and the amendments made by section 14, do not affect the interpretation of any relevant rule of a registered pension scheme.

For the purposes of sub-paragraph (2), a rule of a registered pension scheme is “relevant” if the rule imposes a limit on the amount of a benefit payable under the scheme to, or in respect of, a member by reference to the member’s lifetime allowance, the standard lifetime allowance or the lifetime allowance charge.

In this paragraph F6“member”, “lifetime allowance”, “standard lifetime allowance” and “lifetime allowance charge” have the same meaning as in Part 4 of FA 2004 as that Part had effect immediately before 6 April 2024.

This paragraph ceases to have effect at the end of the tax year 2028-29.