Finance Act 2004

8(1)For the purposes of this Part the [F1member's drawdown pension fund] in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement [F2as are member-designated funds.]U.K.

[F3(1A)For the purposes of this Part sums or assets held for the purposes of an arrangement are member-designated funds if they—

(a)have been designated at any time under the arrangement as available for the payment of [F4drawdown pension], or

(b)arise, or (directly or indirectly) derive, from sums or assets which have been so designated or which so arise or derive,

and have not been applied towards the provision of a scheme pension.]

F5(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F6(4)If any sums or assets representing the member's [F7drawdown pension fund] in respect of an arrangement under the pension scheme would (apart from this sub-paragraph) come to be taken to represent another unsecured pension fund of his under the pension scheme, or a dependant's [F7drawdown pension fund] of his under the pension scheme, they are to be treated as not doing so.]