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The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006

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Amendment of the Occupational Pension Schemes (Transfer Values) Regulations 1996

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12.—(1) Amend the Occupational Pension Schemes (Transfer Values) Regulations 1996(1) as follows.

(2) In regulation 12 (requirements to be met by receiving schemes, annuities and arrangements)—

(a)for sub-paragraph (d) of paragraph (1) substitute—

(d)if the scheme from which rights are transferred or from which a transfer payment is made is registered under section 153 of the Finance Act 2004, the scheme or personal pension scheme to which rights are transferred or to which a transfer payment in respect of rights is made is registered under that section (except a scheme which was immediately before 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988) or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004.;

(b)in sub-paragraph (b) of paragraph (2) for “of a kind” to the end of that sub-paragraph substitute “registered under section 153 of the Finance Act 2004, the annuity satisfies requirements of Her Majesty’s Revenue and Customs.”;

(c)omit paragraph (3);

(d)in paragraph (5)—

(i)in sub-paragraph (a), after “arrangement” (where the word first appears) omit “or a self-employed pension arrangement”,

(ii)in sub-paragraph (b), omit “it is an overseas arrangement and”, and

(iii)in sub-paragraph (c), for “is of a kind described” to the end of that sub-paragraph substitute “is registered under section 153 of the Finance Act 2004 or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004.”, and

(e)omit sub-paragraph (a) of paragraph (6).

(1)

S.I. 1996/1847; the relevant amending instrument is S.I. 1997/786.

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