Article 21 Transfers and entitlement to lump sums exceeding 25% of uncrystallised rightsI1

United Kingdom

(1)

F1Article 23 applies if—

(a)

a person was a member of a pension scheme—

(i)

which was in existence on 5th April 2006; and

(ii)

which is treated as becoming a registered pension scheme within Part 4 of the Finance Act 2004 on 6th April 2006 (see paragraph 1 of Schedule 36 to that Act); and

(b)

on or after 6th April 2006 sums and assets held for the purposes of, or representing accrued rights, under the registered pension scheme are transferred, otherwise than by a block transfer—

(i)

to another registered pension scheme; or

(ii)

to a registered pension scheme from a registered pension scheme which has received a block transfer of the sums and assets referred to in sub-paragraph 1(b) of this article.

(2)

In this article “block transfer” has the meaning given in paragraph 31(8) of Schedule 36 (entitlement to lump sums exceeding 25% of uncrystallised rights).

Annotations

Textual amendments

F1: Words in art. 21(1) substituted (18.11.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024 (S.I. 2024/1167), regs. 1(2)(3), 4(2) (with reg. 6)

Commencement

I1: Art. 21 in force at 6.4.2006, see art. 1(1)