Legislation – The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024

In Schedule 22 to FA 2013 (transitional provision relating to reduction in standard lifetime allowance etc), in paragraph 1 (“fixed protection 2014”)19, for sub-paragraph (2) substitute—

“(2)

Chapter 15A of Part 9 of ITEPA 2003 (pension income: lump sums under registered pension schemes) has effect in relation to the individual as if—

(a)

the amount specified in section 637P of that Act (individual’s lump sum allowance) were £375,000, and

(b)

the amount specified in section 637R of that Act (individual’s lump sum and death benefit allowance) were—

(i)

if one or more lump sum and death benefit allowance enhancement factors operate in relation to the individual for the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s enhanced lump sum and death benefit allowance (as determined under that paragraph of that Schedule), and

(ii)

otherwise, £1,500,000.

(3A)

For the purposes of paragraph 20H of Schedule 36 to FA 2004, the individual’s “protected lump sum and death benefit allowance” is £1,500,000.”.