Section 29 Transitional periods for money purchase and personal pension schemesI1

England, Wales and Scotland

(1)

During the first transitional period F1...—

(a)

sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “ 1% ”;

(b)

sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “ 2% ”.

(2)

The first transitional period is a prescribed period of at least one year, beginning with the coming into force of section 20.

(3)

During the second transitional period F2...—

(a)

sections 20(1)(b) and 26(4)(b) have effect as if for “3%” there were substituted “ 2% ”;

(b)

sections 20(1)(c) and 26(5)(b) have effect as if for “8%” there were substituted “ 5% ”.

(4)

The second transitional period is a prescribed period of at least one year, beginning with the end of the first transitional period.

Annotations

F1: Words in s. 29(1) omitted (12.9.2014) by virtue of Pensions Act 2014 (c. 19), ss. 39(5), 56(1); S.I. 2014/2377, art. 2(1)(b)
F2: Words in s. 29(3) omitted (12.9.2014) by virtue of Pensions Act 2014 (c. 19), ss. 39(5), 56(1); S.I. 2014/2377, art. 2(1)(b)

I1: S. 29 wholly in force at 30.6.2012; s. 29 in force for certain purposes at Royal Assent see s. 149(2)(k); s. 29 in force so far as not already in force at 30.6.2012 by S.I. 2012/1682, art. 2(1)(2)(a), Sch. 1