Legislation – The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024
Part 2Amendments of primary legislation
Schedule 29 to FA 20046.
(1)
Schedule 29 to FA 2004 (authorised lump sums – supplementary)7 is amended as follows.
(2)
In paragraph 2 (pension commencement lump sum: definition of “the permitted maximum”), in sub-paragraphs (b) and (c), for “individual” substitute “member”
.
(3)
(4)
In paragraph 14 (pension protection lump sum death benefit), in sub-paragraph (3)—
(a)
in the formula, for “AC” substitute “(B x C)”
;
(b)
for the definition of AC substitute—
“B and C have the same meaning as they have for the purposes of paragraph 2C(2);”.
(5)
In paragraph 16 (annuity protection lump sum death benefit), in sub-paragraph (3), for the definition of AC substitute—
“AC is—
(a)
where the lump sum is paid in respect of a scheme pension, the scheme pension purchase price, as determined under paragraph 2D(3) and (4);
(b)
where the lump sum is paid in respect of a lifetime annuity, the annuity purchase price, as determined under paragraph 2B(3) and (4);”.