(1) In section 165 of the Finance Act 2004 (pension rules), in subsection (1), in pension rule 5, for “100%” substitute “120%”.
(2) In section 167 of that Act (pension death benefit rules), in subsection (1), in pension death benefit rule 4, for “100%” substitute “120%”.
(3) In Schedule 16 to the Finance Act 2011 (benefits under pension schemes)—
(a) in paragraph 90(2)(a), after “year” insert “beginning before 26 March 2013 and”,
(b) in paragraph 90(3), omit paragraph (b) and the “and” before it,
(c) in paragraph 98(2)(a), after “year” insert “beginning before 26 March 2013 and”, and
(d) in paragraph 98(3), omit paragraph (b) and the “and” before it.
(4) The amendments made by paragraphs (1) and (2) have effect in relation to drawdown pension years beginning on or after 26 March 2013.
(5) The amendments made by paragraph (3)(a) and (c) come into force on 26 March 2013.
(6) The amendments made by paragraph (3)(b) and (d) have effect in relation to transfers within paragraph 90(5) or 98(5) of Schedule 16 to the Finance Act 2011 occurring during a drawdown pension year ending on or after 25 March 2013.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.