Resolved,
That—
(1) In section 165(1) of the Finance Act 2004 (rules about payment of pension by registered scheme to member) in pension rule 5 (payments of drawdown pension in a year not to exceed 120% of basis amount for year) for “120%” substitute “150%”.
(2) In section 167(1) of that Act (rules about payment of pension death benefits by registered scheme in respect of member) in pension death benefit rule 4 (payments of dependants’ drawdown pension not to exceed 120% of basis amount for year) for “120%” substitute “150%”.
(3) In paragraph 14A(2) of Schedule 28 to that Act (amount of minimum income requirement for flexible drawdown by member) for “£20,000” substitute “£12,000”.
(4) In paragraph 24C(2) of Schedule 28 to that Act (amount of minimum income requirement for flexible drawdown by dependant) for “£20,000” substitute “£12,000”.
(5) In paragraph 7(4) of Schedule 29 to that Act (amount of commutation limit for purposes of trivial commutation lump sum) for “£18,000” substitute “£30,000”.
(6) In paragraph 8 of Schedule 29 to that Act (value of crystallised pension rights for trivial commutation purposes)—
(a) in sub-paragraph (1)(a) omit “, as adjusted under sub-paragraph (2)”,
(b) in sub-paragraph (1)(b) omit “, as adjusted under sub-paragraph (3)”, and
(c) omit sub-paragraphs (2) and (3), as originally enacted and as substituted by the Finance Act 2013.
(7) In consequence of paragraphs (1) and (2), in the Finance Act 2013 omit section 50(1) and (2).
(8) In consequence of paragraph (5), in the Finance Act 2011 omit paragraph 4(2) of Schedule 18.
(9) In consequence of paragraph (6)(c), in the Finance Act 2013 omit paragraph 8(4) of Schedule 22.
(10) In article 23C(4) of the Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572) (modifications of Schedule 29 to the Finance Act 2004) in the inserted paragraph 7A(1)(a) (limit at or below which additional sums can be trivial commutation lump sums) for “£2,000” substitute “£10,000”.
(11) In the Registered Pension Schemes (Authorised Payments) Regulations 2009 (S.I. 2009/1171)—
(a) in each of regulations 6(1)(b), 8(1)(a), 11(1)(c), 11A(1)(b) and 12(1)(e) (limit at or below which certain payments by registered pension scheme can be authorised payments) for “£2,000” substitute “£10,000”,
(b) in regulation 10(3)(b) (certain payments by registered pension scheme which can be authorised payments if value of member’s pension rights is not more than £18,000) for “£18,000” substitute “£30,000”,
(c) in regulation 11(1)(d) (upper limit on total value of member’s benefits under the scheme which would make the payment and all related schemes) for “£2,000” substitute “£10,000”,
(d) in regulation 11A(2) (may not be more than one previous payment under regulation 11A) for “one payment” substitute “two payments”, and
(e) in regulation 12(4) (certain payments by registered pension scheme can be authorised payments only if property held in respect of at least 20 members exceeds £2,000) for “£2,000” substitute “£10,000”.
(12) In consequence of paragraph (11)(b), in the Registered Pension Schemes (Miscellaneous Amendments) Regulations 2011 (S.I. 2011/1751) omit regulation 8(4).
(13) The amendments made by paragraphs (1), (2) and (7) have effect in relation to pension drawdown years beginning on or after 27 March 2014.
(14) The amendment made by paragraph (3) has effect in relation to declarations made under section 165(3A) of the Finance Act 2004 on or after 27 March 2014.
(15) The amendment made by paragraph (4) has effect in relation to declarations made under section 167(2A) of the Finance Act 2004 on or after 27 March 2014.
(16) The amendments made by paragraphs (5), (6), (8) and (9) have effect for commutation periods beginning on or after 27 March 2014 and do so irrespective of whether the nominated date is before, on or after 27 March 2014.
(17) The amendment made by paragraph (10) has effect for lump sums paid on or after 27 March 2014.
(18) The amendments made by paragraphs (11) and (12) have effect for payments made on or after 27 March 2014.
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.