Part 1 Amendments of Part 4 of FA 2004
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 5 Pension Schemes: Collective Money Purchase Benefits

Section 29

Part 1 Amendments of Part 4 of FA 2004

1

Part 4 of FA 2004 is amended in accordance with paragraphs 2 to 23.

2

(1)     Section 152 (meaning of “arrangement”) is amended as follows.

(2)     In subsection (2), after “cash balance benefits” insert “, collective money purchase benefits”.

(3)     After subsection (3) insert—

“(3A)     For the purposes of this Part a money purchase arrangement is a “collective money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are collective money purchase benefits.”

(4)     After subsection (4) insert—

“(4A)     The reference in subsection (4) to an amount available for the provision of benefits to or in respect of the member includes, in relation to a collective money purchase arrangement, an amount available for the provision of benefits to or in respect of members collectively.”

(5)     In subsection (5)—

(a)     the words after “means benefits” become paragraph (a);

(b)     at the end of that paragraph insert “, and”;

(c)     after that paragraph insert—

“(b)     that are not collective money purchase benefits.”

(6)

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