Finance Act 2004

[F1Member's drawdown pension fund]U.K.

8(1)For the purposes of this Part the [F2member's drawdown pension fund] in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement [F3as are member-designated funds.]U.K.

[F4(1A)For the purposes of this Part sums or assets held for the purposes of an arrangement are member-designated funds if F5...—

(a)[F6they have, at any time before 6 April 2015, been designated] under the arrangement as available for the payment of [F7drawdown pension],

[F8(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,] or

(b)[F9they] arise, or (directly or indirectly) derive, from [F10member-designated funds under paragraph (a) or (aa) or from sums or assets] which so arise or derive,

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

F11(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12(4)If any sums or assets representing the member's [F13drawdown 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 [F13drawdown pension fund] of his under the pension scheme, they are to be treated as not doing so.]