Chwilio Deddfwriaeth

Finance Act 2007

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Cross Heading: Commencement: schemes other than occupational pension schemes

 Help about opening options

Alternative versions:

Status:

Point in time view as at 06/04/2009.

Changes to legislation:

Finance Act 2007, Cross Heading: Commencement: schemes other than occupational pension schemes is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Commencement: schemes other than occupational pension schemesU.K.

4(1)In relation to contributions under any pension scheme that is not an occupational pension scheme, the amendments made by this Schedule have effect in relation to contributions paid on or after 6th April 2007.U.K.

(2)But they do not have effect in relation to such contributions paid at any time if the contributions are treated as paid in respect of premiums under a policy of insurance which at that time is a protected policy (see paragraph 5).

5(1)This paragraph specifies when a policy of insurance is a protected policy in a case where the rights under it are held for the purposes of a pension scheme that is not an occupational pension scheme.U.K.

(2)A policy of insurance within sub-paragraph (3) or (4) is a protected policy but only until a relevant event occurs (see sub-paragraphs (5) and (6)).

(3)A policy of insurance is within this sub-paragraph if—

(a)it is issued in respect of insurances made before 6th December 2006,

(b)the pension scheme became a registered pension scheme before that date, and

(c)rights under the policy became held for the purposes of the pension scheme before that date.

(4)A policy of insurance is within this sub-paragraph if—

(a)it is issued in respect of insurances made before 1st August 2007,

(b)the pension scheme became a registered pension scheme before that date,

(c)rights under the policy became held for the purposes of the pension scheme before that date,

(d)the policy was issued in pursuance of a proposal made in writing (by whatever means) and received by or on behalf of the insurer before the appropriate date,

(e)the amount of the benefits payable under the policy (at the latest of the time when the insurances were made, the pension scheme was registered or rights under the policy became held for the purposes of the pension scheme) is no more than the amount applied for in the proposal,

(f)the period for which benefits are so payable (at the latest of those times) is no longer than the period specified in the proposal, and

(g)the policy is not a protected policy by virtue of sub-paragraph (3).

(5)In sub-paragraph (4)(d) “the appropriate date” means—

(a)13th April 2007, in any case where, on the day of the making of the insurances in respect of which the policy of insurance was issued, the rights of the individual under the pension scheme included an actual or prospective entitlement to a pension, and

(b)14th December 2006, in any other case.

(6)For the purposes of sub-paragraph (2) a “relevant event” occurs if, after the relevant time, the terms of the policy are varied so as to—

(a)increase the benefits payable under the policy, or

(b)extend the period during which benefits are so payable.

(7)But where, on the day of the variation, the rights of the individual under the pension scheme included an actual or prospective entitlement to a pension, a relevant event does not occur by virtue of the variation if it was made in pursuance of a proposal made in writing (by whatever means) and received by or on behalf of the insurer before 13th April 2007.

(8)“The relevant time”—

(a)in the case of a policy of insurance within sub-paragraph (3) which is issued in respect of insurances made before 6th April 2006, is 20th March 2007,

(b)in the case of any other policy of insurance within sub-paragraph (3), is 5th December 2006, and

(c)in the case of a policy of insurance within sub-paragraph (4), is the time when it became a protected policy.

Yn ôl i’r brig

Options/Cymorth