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Finance Act 2004

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5(1)For the purposes of this Part a lump sum is a short service refund lump sum if—U.K.

(a)the pension scheme is an occupational pension scheme,

(b)the member’s pensionable service was terminated before normal pension age but the member is not entitled to short service benefit by virtue of section 71 of the Pension Schemes Act 1993 (c. 48) (basic principle as to short service benefit),

[F1(c)the member has not previously become entitled to any pension or lump sum under the pension scheme,]

(d)it extinguishes the member’s entitlement to benefits under the pension scheme [F2(except to the extent that it is prohibited from being extinguished by the payment of a lump sum by reason of the operation of provision made by or under any enactment)], and

(e)it is paid when the member has not reached the age of 75.

(2)But if a lump sum falling within sub-paragraph (1) exceeds an amount equal to the aggregate of the member’s contributions under the pension scheme, the excess is not a short service refund lump sum.

[F3(2A)In sub-paragraph (2) the reference to the member's contributions includes—

(a)any amount paid under section 7 of the Social Security Act 1986 (incentive payments to schemes becoming contracted-out between 1986 and 1993),

(b)any amount paid by the Commissioners for Her Majesty's Revenue and Customs under section 42A(3) of the Pension Schemes Act 1993 or section 38A(3) of the Pension Schemes (Northern Ireland) Act 1993 (rebates), and

(c)any amount recovered by the member's employer under regulations falling within sub-paragraph (2B) in respect of minimum payments made to the scheme in relation to any period before 6 April 2012.

(2B)Those regulations are regulations which were made under—

(a)section 8(3) of the Pension Schemes Act 1993 (recovery of minimum payments), or

(b)section 4(3) of the Pension Schemes (Northern Ireland) Act 1993 (corresponding provision for Northern Ireland).]

(3)“Pensionable service”, “normal pension age” and “short service benefit” have the same meaning as in the Pension Schemes Act 1993 (see section 181 (1) of that Act).

Textual Amendments

F1Sch. 29 para. 5(1)(c) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 29(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F2Words in Sch. 29 para. 5(1)(d) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 27

F3Sch. 29 para. 5(2A)(2B) inserted (retrospective to 6.4.2013) by Finance Act 2013 (c. 29), s. 52(8)(10)

Yn ôl i’r brig

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