Income Tax (Earnings and Pensions) Act 2003 section 579D

Interpretation

Section 579D defines the key terms used throughout Chapter 5A, which deals with pensions under registered pension schemes.

• The term "pension under a registered pension scheme" is broadly defined to include annuities paid from or purchased with scheme funds, as well as various types of income withdrawal
• "Income withdrawal" refers to drawdown payments made directly to the pension holder from their fund, while "dependants' income withdrawal" covers similar payments made to a dependant after the member's death
• "Nominees' income withdrawal" and "successors' income withdrawal" extend the same concept to nominees and successors of the deceased member, reflecting changes introduced by the Taxation of Pensions Act 2014
• All four types of income withdrawal are defined by reference to specific paragraphs of Schedule 28 to the Finance Act 2004, which sets out the detailed pension death benefit rules