SCHEDULE 5 Pension Flexibility: Further Amendments
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 5 Pension Flexibility: Further Amendments

Section 43

Temporary extension of period by which commencement lump sum may precede pension

1

In Schedule 29 to FA 2004 (authorised lump sums under registered pension schemes) after paragraph 1 (conditions for a lump sum to be a pension commencement lump sum) insert—

“1´¡

(1)     Paragraph 1(1)(c) is to be omitted when deciding whether a lump sum to which this paragraph applies is a pension commencement lump sum.

(2)     This paragraph applies to a lump sum if—

(a)     the sum is paid in respect of a money purchase arrangement,

(b)     the sum is paid before the member becomes entitled to the sum,

(c)     either—

(i)     the sum is paid on or after 19 September 2013 but before 6 April 2015, or

(ii)     the sum is paid before 19 September 2013, a contract for a lifetime annuity is entered into to provide the pension in connection with which the sum is paid, and on or after 19 March 2014 the contract is cancelled, and

(d)     the member becomes entitled to the sum before 6 October 2015.

(3)     Where—

(a)     a lump sum to which this paragraph applies is a pension

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