The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations 2017

Amendment of Regulation 3

4.  In regulation 3 (recognised overseas pension schemes: prescribed countries or territories and prescribed requirements)(1)—

(a) in paragraph (1)(2)—

(i) omit “one or more of” in sub-paragraph (b);

(ii) insert “and” at the end of sub-paragraph (b)(i);

(iii) in sub-paragraph (b)(ii)—

(aa) insert “for schemes established in Guernsey,” before “the”, and

(bb) insert “.” after “(4)”; and

(iv) omit the rest of sub-paragraph (b);

(b) in paragraph (1B) after “(1A)” insert “and regulation 2(2A)”;

(c) for paragraph (2)(c)(3) substitute—

“(c) any country or territory in respect of which there is in force an Order in Council under section 173 of the Finance Act 2006(4) or section 2 of the Taxation (International and Other Provisions) Act 2010(5) giving effect in the United Kingdom to an agreement which contains provision about the exchange of information between the parties.”;

(d) omit paragraph (3);

(e) for paragraph 4(6) substitute—

“(4) At the time of the transfer of sums or assets which would, subject to these Regulations, constitute a recognised transfer, where the pension scheme is an exempt pension contract or an exempt pension trust within the meaning of section 157E of the Income Tax (Guernsey) Law, 1975(7), the scheme must not be open to non-residents of Guernsey.”;

(f) omit paragraph (4A)(8);

(g) omit paragraph (5)(9);

(h) for paragraph (6A)(10) substitute—

“(6A) The benefits payable to the member under the scheme, to the extent that they consist of the member’s relevant transfer fund or ring-fenced transfer funds—

(a) are payable no earlier than they would be if pension rule 1 in section 165 applied; or

(b) if payable earlier, are only payable in circumstances in which they would be authorised member payments if they were made by a registered pension scheme.”.

(1)

Provision heading was amended by S.I. 2012/1221.

(2)

Paragraph (1) was substituted by S.I. 2013/2259.

(3)

Paragraph (2)(c) was amended by S.I. 2012/884.

(4)

2006 c. 25.

(5)

2010 c. 8.

(6)

Paragraph (4) was substituted by S.I. 2012/1221.

(7)

Section 157E to 157M were inserted into the Income Tax (Guernsey) Law, 1975 by the Income Tax (Pension Amendments) (Guernsey) Ordinance 2012 with effect from 26th March 2012.

(8)

Paragraph (4A) was inserted by S.I. 2012/1221.

(9)

Paragraph (5) was inserted by S.I. 2012/884.

(10)

Paragraph (6A) was inserted by S.I. 2015/673.