The Pension Schemes (Information Requirements — Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006

[F1 [F2 Information to be given by QROPS and former QROPS to QROPS about transfers of UK tax-relieved funds andF3 ... transfer funds U.K.

3AD.— (1) Paragraph (2) applies if in connection with a member of a QROPS or former QROPS (“the transferring scheme”) there is a transfer of sums or assets (“the transfer”)—

(a) which immediately before the transfer are comprised in—

(i) the member’s UK tax-relieved fund;

[F4 (ia) any of the member's ring-fenced transfer funds;] or

(ii) the member’s relevant transfer fund;

(b) from the transferring scheme so as to be held for the purposes of, or to represent rights under, a QROPS (“the recipient scheme”).

(2) The scheme manager of the transferring scheme must provide the scheme manager of the recipient scheme with a statement stating—

(a) the value of so many of the transferred sums or assets as are referable to the member’s UK tax-relieved fund (if any);

[F5 (aa) where any of the transferred sums or assets are referable to the member's UK tax-relieved fund, the value of so many of them as are referable to tax-relieved contributions, or tax-exempt provision, made under the scheme before 9 March 2017;

(ab) the value of so many of the transferred sums or assets as are referable to any of the member's ring-fenced transfer funds (if any);]

(b) the value of so many of the transferred sums or assets as are referable to the member’s relevant transfer fund (if any); F6 ...

(c) where any transferred sums or assets are—

(i) referable to the member’s relevant transfer fund [F7 or any of the member's ring-fenced transfer funds]; and

(ii) the transferring scheme is aware of any recognised transfer from which those sums or assets are derived,

that there was such a recognised transfer and, where F8 ... known, the date of that transfer [F9 and the date it was requested].

[F10 (d) whether the overseas transfer charge arises on the transfer;

(e) if the charge does arise on the transfer—

(i) the transferred value of the transfer, and

(ii) the amount in respect of the charge deducted by the scheme manager from the transfer;

(f) if the transfer is excluded from the charge—

(i) the reason for its exclusion, and

(ii) where section 244G(2)(a) or (b) (charge paid on earlier transfer) is the reason for its exclusion, the date of the earlier transfer on which the charge was paid and the amount of charge paid on that earlier transfer; and

(g) the relevant period for the transfer (see section 244A(4)).]

(3) The requirements in paragraph (2) must be complied with before the end of 91 days beginning with the date of the transfer.

(4) In paragraph (2)(c)(ii) the sums or assets are “derived” from a recognised transfer regardless of whether those sums or assets are also derived from one or more relevant transfers which took place after the date of that recognised transfer.]]

Textual Amendments

F1 Regs. 3A-3C inserted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 9

F2 Regs. 3AA-3AD inserted (6.4.2015) by The Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2015 (S.I. 2015/673), regs. 1, 5

F3 Word in reg. 3AD heading omitted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by virtue of Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(g) (with Sch. 4 para. 22(15))

F4 Reg. 3AD(1)(ia) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(a) (with Sch. 4 para. 22(15))

F5 Reg. 3AD(2)(aa)(ab) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(b) (with Sch. 4 para. 22(15))

F6 Word in reg. 3AD(2)(b) omitted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by virtue of Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(c) (with Sch. 4 para. 22(15))

F7 Words in reg. 3AD(2)(c)(i) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(d) (with Sch. 4 para. 22(15))

F8 Words in reg. 3AD(2)(c) omitted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by virtue of Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(e)(i) (with Sch. 4 para. 22(15))

F9 Words in reg. 3AD(2)(c) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(e)(ii) (with Sch. 4 para. 22(15))

F10 Reg. 3AD(2)(d)-(g) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 22(10)(f) (with Sch. 4 para. 22(15))