Section 151 | Treatment of pension rights, etc. Other provision about pension interests

(1)Repealed^F1

(1A)Repealed^F1

(2)An interest in or under a registered pension scheme , a qualifying non-UK pension scheme or a section 615(3) scheme which comes to an end on the death of the person entitled to it shall be left out of account in determining for the purposes of this Act the value of his estate immediately before his death, if the interest—^F2F3F4F5

(a)is, or is a right to, a pension or annuity, and^F2

(b)is not an interest resulting (whether by virtue of the instrument establishing the scheme or otherwise) from the application of any benefit provided under the scheme otherwise than by way of a pension or annuity.^F2F6

(3)Sections 49 to 53 above shall not apply in relation to an interest satisfying the conditions of paragraphs (a) and (b) of subsection (2) above.

(3)Sections 49 to 53 (holder of interest in possession treated as directly entitled to property in which interest subsists etc) do not apply in relation to an interest in possession in property where the property is held for the purposes of a registered pension scheme, a qualifying non-UK pension scheme or a section 615(3) scheme.^F2

(4)In relation to an interest in or under a registered pension scheme , a qualifying non-UK pension scheme or a section 615(3) scheme, section 5(2) above shall apply as if the words “other than settled property” were omitted (in both places).^F7F4F5

(5)Where a benefit has become payable under a registered pension scheme , a qualifying non-UK pension scheme or a section 615(3) scheme, and the benefit becomes comprised in a settlement made by a person other than the person entitled to the benefit, the settlement shall for the purposes of this Act be treated as made by the person so entitled.^F4F5