PART 2Modifications of Part 4 of the Finance Act 2004
CHAPTER 3Benefits
Scheme pension already paid: status of overpaid amount unaffectedI128
1
Paragraph (2) applies where—
a
an individual has at any time become entitled to a scheme pension, and
b
at a later time, as a result of a relevant rectification provision, one or more payments of scheme pension made to the individual before the later time include amounts (“overpaid pension amounts”) to which the individual was not entitled.
2
The payments of overpaid pension amounts—
a
are to be treated as falling, and are to be treated as always having fallen, within section 164(1) of FA 2004 (authorised member payments);
b
are to be treated as, and are to be treated as always having been, pension paid under a registered pension scheme for the purposes of Part 9 of ITEPA 2003;
c
are to be treated for those purposes as, and are to be treated as always having been, pension accruing in the tax year in which they are paid.