Part 1 Changes to Benefits Available under Pension Schemes etc
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 16 Benefits under Pension Schemes

Section 65

Part 1 Changes to Benefits Available under Pension Schemes etc

Unsecured and alternatively secured pension to be replaced by drawdown pension

1

(1)     In Part 4 of FA 2004 (pension schemes etc), section 165 (pension rules) is amended as follows.

(2)     In subsection (1)—

(a)     in pension rule 4—

(i)     for “If the member has not reached the age of 75, no payment of pension†substitute “No payment of pensionâ€, and

(ii)     for paragraph (c) substitute—

“(c)     drawdown pension,â€;

(b)     for pension rule 5 substitute—

“Pension rule 5

The total amount of drawdown pension paid in each drawdown pension year in respect of a money purchase arrangement must not exceed 100% of the basis amount for the drawdown pension year.â€;

(c)     omit pension rules 6 and 7.

(3)     . . .

Meaning of “drawdown pensionâ€

2

Part 1 of Schedule 28 to FA 2004 (pension rules) is amended as follows.

3

(1)     In paragraph 4 (meaning of “unsecured pensionâ€), for ““Unsecured pensionâ€â€ substitute ““Drawdown pensionâ€â€.

(2)     The heading before paragraph 4 becomes “Drawdown pensionâ€.

4

In paragraph 6 (short-term annuity), in sub-paragraph (1)—

(a)

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