24 Collective money purchase arrangements
Finance (No 2) Act 2023 (2023 c 30) | Legislation

24  Collective money purchase arrangements

(1)     Part 4 of FA 2004 (pension schemes) is amended in accordance with subsections (2) to (8).

(2)     In section 152 (meaning of arrangement), in subsection (5A)—

(a)     the words after “means benefits that are” become paragraph (a);

(b)     at the end of that paragraph insert “, or”;

(c)     after that paragraph insert—

“(b)     payments of CMP periodic income.”

(3)     In section 169 (recognised transfers), after subsection (1E) insert—

“(1F)     The Commissioners for His Majesty's Revenue and Customs may by regulations make provision as to the treatment for the purposes of any provision of this Part of a CMP-derived drawdown pension.

(1G)     The provision that may be made under subsection (1F) includes provision for treating sums or assets held for the purposes of a CMP-derived drawdown pension as remaining, to such extent as is prescribed by the regulations and for such of the purposes of this Part as are so prescribed, held for the

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