# Taxation of Pensions Act 2014, Paragraph 70


(1) In paragraph 3A(3) of Schedule 29 to FA 2004 (pension commencement lump sum: when pension scheme is to be treated as making an unauthorised payment) for the words “1% of the standard lifetime allowance on that day” substitute “ £7,500 ”.
(2) The amendment made by sub-paragraph (1) has effect in relation to pension commencement lump sums paid on or after 6 April 2015.

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Source: https://www.legislation.gov.uk/ukpga/2014/30/schedule/1/paragraph/70 (the official version)
Page: https://openlegislation.uk/taxation-of-pensions-act-2014/schedule-1/paragraph-70
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.