Part 1 Death Benefits: Nominees and Successors
Taxation of Pensions Act 2014 (2014 c 30) | Legislation

SCHEDULE 2 Death of Pension Scheme Member

Section 3

Part 1 Death Benefits: Nominees and Successors

Drawdown benefits for nominees and successors of deceased scheme members

1

FA 2004 is amended as follows.

2

(1)     Section 167 (the pension death benefit rules) is amended as follows.

(2)     In pension death benefit rule 1 (pension death benefit may be paid only to dependant of deceased member) after “dependant†insert “, or nominee or successor,â€.

(3)     After pension death benefit rule 3 (pension death benefits which may be paid under a money purchase arrangement to a dependant) insert—

“Pension death benefit rule 3A

No payment of pension death benefit, other than nominees' drawdown pension in respect of a money purchase arrangement, may be made to a nominee of the member.

Pension death benefit rule 3B

No payment of pension death benefit, other than successors' drawdown pension in respect of a money purchase arrangement, may be made to a successor of the member.â€

(4)     After subsection (1) insert—

“(1A)     For the purposes of this Part, a person becomes entitled to dependants' income withdrawal, nominees' income withdrawal or successors' income withdrawal under a registered pension scheme

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