Part 1 Drawdown Pensions
Taxation of Pensions Act 2014 (2014 c 30) | Legislation

SCHEDULE 1 Pension Flexibility Etc

Section 1

Part 1 Drawdown Pensions

Annual cap on pension drawdown abolished for flexi-access drawdown funds

1

In section 165(1) of FA 2004 (the pension rules) in pension rule 5 (annual cap on drawdown pension) after “in each drawdown pension year†insert “from, or under a short-term annuity purchased using sums or assets out of, the member's drawdown pension fundâ€.

2

In paragraph 8(1A) of Schedule 28 to FA 2004 (meaning of “member's drawdown pension fundâ€: funds designated as available for drawdown)—

(a)     in the opening words omit “theyâ€,

(b)     in paragraph (a) for “have been designated at any time†substitute “they have, at any time before 6 April 2015, been designatedâ€,

(c)     before the “or†at the end of paragraph (a) insert—

“(aa)     they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and—

(i)     sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and

(ii)     section 165(3A) did not apply to the arrangement immediately before 6 April 2015,â€, and

(d)     in paragraph

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