Regulation 19 Transitional provisions: lump sumsF1

Paragraph 2 of Schedule 29 to FA 2004 (registered pension schemes: authorised lump sums - supplementary) as modified by paragraph 28(3) of Schedule 36 to that Act has effect, in relation to a qualifying member or deceased qualifying member, as if references to a pension commencement lump sum included a lump sum under regulation 17D.

Part 6 of Schedule 9 to FA 2024 (transitional provision relating to abolition of lifetime charge) is modified as follows.

Paragraph 126 (availability of individual’s lump sum and death benefit allowance) has effect in relation to a qualifying member or deceased qualifying member as if before sub-paragraph (4)(a)(i) there were inserted—

“(zi)

before 6 April 2024 a payment is made in respect of the individual under regulation 18A in the form of a lump sum,”.

Paragraph 128 (provision of information to members) has effect in relation to a qualifying member or deceased qualifying member as if after sub-paragraph (6)(a)(zi) there were inserted—

“(zii)

before 6 April 2024 a payment is made in respect of the member under regulation 18A in the form of a lump sum,”.

Paragraph 129(1) (meaning of “lump sum transitional tax-free amount”) has effect in relation to a qualifying member or deceased qualifying member as if before paragraph (a) there were inserted—

“(za)

each lump sum under regulation 17D (if any) to which the member has, before 6 April 2024, become entitled,”.