C1C4C5C6C7C8C9C10C11C12C13C14C15Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C9

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C11

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C12

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C13

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C14

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C15

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C12Chapter 3Payments by registered pension schemes

Introductory

I1C2161Meaning of “payment” etc

1

This section applies for the interpretation of this Chapter.

2

“Payment” includes a transfer of assets and any other transfer of money’s worth.

3

Subsection (4) applies to a payment made or benefit provided under or in connection with an investment (including an insurance contract or annuity) acquired using sums or assets held for the purposes of a registered pension scheme.

C34

The payment or benefit is to be treated as made or provided from sums or assets held for the purposes of the pension scheme, even if the pension scheme has been wound up since the investment was acquired.

5

A payment made by a registered pension scheme to F7or in respect of a person who—

a

is connected with a F1person who is or has been a member or sponsoring employer (or was connected with F2such a person at the date of the person's death), and

b

is not a F1person who is or has been a member or sponsoring employer,

is to be treated as made in respect of the F1person who is or has been a member or sponsoring employer.

6

Any asset held by a person connected with a F3person who is or has been a member or sponsoring employer (or who was connected with F4such a person at the date of the person's death) is to be treated as held for the benefit of the F3person who is or has been a member or sponsoring employer.

7

Any increase in the value of an asset held by, or reduction in the liability of, a person connected with a F5person who is or has been a member or sponsoring employer (or who was connected with F6such a person at the date of the person's death) is to be treated as an increase or reduction for the benefit of the F5person who is or has been a member or sponsoring employer.

F88

For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007.