43U.K.In section 216 of FA 2004 (benefit crystallisation events and amounts crystallised), in the table in subsection (1), after the entry for benefit crystallisation event 5A insert—
| “5B. The individual reaching the age of 75 when there is a money purchase arrangement relating to the individual under any of the relevant pension schemes | The amount of any remaining unused funds”. |
44(1)Schedule 32 to FA 2004 (benefit crystallisation events: supplementary) is amended as follows.U.K.
(2)After paragraph 14 insert—
14AFor the purposes of benefit crystallisation event 5B “remaining unused funds” means—
(a)in relation to a cash balance arrangement, a sum equal to what would, on the valuation assumption in section 277(a), be available for the provision of benefits to or in respect of the member if the member became entitled to them on reaching the age of 75, and
(b)in relation to any other arrangement, such of the sums and assets held for the purposes of the arrangement as are not member-designated funds and have not been applied towards the provision of a scheme pension or a dependants' scheme pension.”
(3)After paragraph 15 insert—
15ABenefit crystallisation event 6 does not apply in relation to a pension commencement lump sum paid in respect of a money purchase arrangement if—
(a)the individual becomes entitled to it before reaching the age of 75, but
(b)it is not paid to the individual until after the individual has reached that age.”