Part 5 Miscellaneous Amendments
Taxation of Pensions Act 2014 (2014 c 30) | Legislation

Part 5 Miscellaneous Amendments

Pension commencement lump sums

70

(1)     In paragraph 3A(3) of Schedule 29 to FA 2004 (pension commencement lump sum: when pension scheme is to be treated as making an unauthorised payment) for the words “1% of the standard lifetime allowance on that day†substitute “£7,500â€.

(2)     The amendment made by sub-paragraph (1) has effect in relation to pension commencement lump sums paid on or after 6 April 2015.

Trivial commutation lump sums and small pot lump sums

71

(1)     In paragraph 7(1) of Schedule 29 to FA 2004 (meaning of “trivial commutation lump sumâ€)—

(a)     after paragraph (a) insert—

“(aa)     it is paid in respect of a defined benefits arrangement,â€,

(b)     in paragraph (d) (entitlement to benefits must be extinguished) for “the member's entitlement to benefits†substitute “any entitlement to defined benefits that the member hasâ€, and

(c)     in paragraph (e) (member must have reached 60) for “the age of 60†substitute “normal minimum pension age (or the ill-health condition is met)â€.

(2)     The amendments made by sub-paragraph (1) have effect for commutation periods beginning on or after 6 April 2015 and do so irrespective of whether the nominated

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