Chwilio Deddfwriaeth

The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations 2015

 Help about what version

Pa Fersiwn

  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
  • Gwreiddiol (a wnaed Fel)
 Help about opening options

Dewisiadau AgorExpand opening options

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). This item of legislation is currently only available in its original format.

Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006

This adran has no associated Memorandwm Esboniadol

3.  After regulation 18(1) insert—

Nominees’ annuity — unauthorised payments

19.(1) In any case within paragraph 27AA(3) of Schedule 28 (transfer of sums or assets on cessation of a nominees’ annuity) where a new nominees’ annuity(2) becomes payable, to the extent that the amount of the sums and the value of the assets applied to purchase the new nominees’ annuity are equal to the amount of the sums and the value of the assets transferred, the new nominees’ annuity is to be treated as if it were the original nominees’ annuity(3) to determine for the purposes of section 172A(1) and (2) (surrender of benefits or rights under a registered pension scheme)(4) whether a surrender of (or agreement to surrender) rights to payments under a nominees’ annuity has occurred.

(2) In any other case within paragraph 27AA(3) the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred.

Successors’ annuity — unauthorised payments

20.(1) In any case within paragraph 27FA(3) of Schedule 28 (transfer of sums or assets on cessation of a successors’ annuity) where a new successors’ annuity(5) becomes payable, to the extent that the amount of the sums and the value of the assets applied to purchase the new successors’ annuity are equal to the amount of the sums and the value of the assets transferred, the new successors’ annuity is to be treated as if it were the original successors’ annuity(6) to determine for the purposes of section 172A(1) and (2) whether a surrender of (or agreement to surrender) rights to payments under a successors’ annuity has occurred.

(2) In any other case within paragraph 27FA(3) the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred..

(1)

Regulations 13 to 18 were inserted by S.I. 2015/633.

(2)

New nominees’ annuity is defined in paragraph 27AA(3)(a)(i) of Schedule 28 to the Finance Act 2004.

(3)

Original nominees’ annuity is defined in paragraph 27AA(3) of Schedule 28 to the Finance Act 2004.

(4)

Section 172A was inserted by paragraph 38 of Schedule 10 to the Finance Act 2005 (c. 7). Section 172A(1)(a) was amended by paragraph 6 of Schedule 2 to the Taxation of Pensions Act 2014 (c. 30). Section 172A(1)(aa) was inserted by paragraph 3 of Schedule 28 to the Finance Act 2008 (c. 9) and amended by paragraph 9(2) of Schedule 4 to the Finance Act 2015.

(5)

New successors’ annuity is defined in paragraph 27FA(3)(a)(i) of Schedule 28 to the Finance Act 2004.

(6)

Original successors’ annuity is defined in paragraph 27FA(3) of Schedule 28 to the Finance Act 2004.

Yn ôl i’r brig

Options/Help