SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 8Miscellaneous income
Income treated as income of settlor: exception for pension income
132
1
Subject to sub-paragraph (4), section 627 applies before 6th April 2006 with the following amendments.
2
In subsection (2)(c) for “a relevant pension scheme” substitute “
an approved pension arrangement
”
.
3
For subsection (3) substitute—
3
In subsection (2) an “approved pension arrangement” means—
a
an approved scheme or exempt approved scheme,
b
a relevant statutory scheme,
c
a retirement benefits scheme set up by a government outside the United Kingdom for the benefit, or primarily for the benefit, of its employees,
d
a contract or scheme which is approved under Chapter 3 of Part 14 of ICTA (retirement annuities),
e
a personal pension scheme which is approved under Chapter 4 of that Part,
f
an annuity purchased for the purpose of giving effect to rights under a scheme falling within any of paragraphs (a) to (c) and (e), or
g
any pension arrangements of any description prescribed by regulations made under section 11(2)(h) of the Welfare Reform and Pensions Act 1999 (c. 30) or Article 12(2)(h) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)).
4
In subsection (3) “approved scheme”, “exempt approved scheme”, “relevant statutory scheme” and “retirement benefits scheme” have the same meaning as in Chapter 1 of Part 14 of ICTA (retirement benefit schemes).
4
The power of the Treasury to make an order under section 281 or 283 of FA 2004 has effect as if Schedule 35 to that Act contained an amendment substituting section 627 of this Act for that section as amended by sub-paragraphs (2) and (3) above.