Paragraph 5
(1)
“Retained benefits” means the total of any pensions payable to the participator—
(a)
in respect of employment before the participator entered pensionable employment, under a retirement benefits scheme or under an annuity contract falling within section 431(4)(d) of the Taxes Act; or
(b)
under a retirement annuity contract or trust scheme approved under Chapter III of Part XIV of the Taxes Act; or
(c)
under a personal pension scheme approved under Chapter IV of Part XIV of the Taxes Act.
(2)
In this paragraph “pension” includes the actuarial equivalent as an annual pension of any lump sum.