The Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) Order 2024
This Order amends the Finance Act 2004 (c. 12) by inserting a new section 236ZA. This section provides that where an individual has, at the end of the pension input period, service in a reformed public service pension scheme arrangement (“reformed arrangement”) and a public service pension scheme legacy arrangement (“legacy arrangement”) and where the opening value of the rights under the legacy arrangement exceeds the closing value of those rights, the pension input amount in respect of the reformed arrangement is to be reduced by the amount of the excess (but not below zero).