- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
21.—(1) The prescribed requirements referred to in section 101F(2)(c) and (3)(b) of the 1993 Act (cash equivalent of pension credit benefit to be used to subscribe to other pension arrangements which satisfy prescribed requirements) are that the pension arrangement to which it is proposed to subscribe—
(a)is an overseas arrangement;
(b)if it is an overseas arrangement and the cash equivalent is or includes the cash equivalent of safeguarded rights, the arrangement is one to which a transfer payment in respect of such rights may be made in accordance with regulation 6 or 9 of the Pension Sharing (Safeguarded Rights) Regulations 2000 (ways of giving effect to safeguarded rights—money purchase schemes, and ways of giving effect to safeguarded rights—salary related schemes); or
(c)if the scheme from which rights are transferred is of a kind described in any of sub-paragraphs (a) to (e) of paragraph (2), satisfies the requirements of the Inland Revenue.
(2) The kinds of scheme mentioned in paragraph (1)(c) are—
(a)a scheme which is approved by the Inland Revenue for the purposes of Chapter I of Part XIV of the Taxes Act (pension schemes, social security benefits, life annuities etc: retirement benefit schemes);
(b)a scheme which is being considered for approval by the Inland Revenue for the purposes of Chapter I of Part XIV of the Taxes Act;
(c)a relevant statutory scheme as defined in section 611A(1)(1) (definition of relevant statutory scheme) of the Taxes Act;
(d)a fund to which section 608 of the Taxes Act (superannuation funds approved before 6th April 1980) applies; and
(e)a scheme which is approved by the Inland Revenue under Chapter IV of Part XIV of the Taxes Act.
(3) The prescribed circumstances referred to in section 101F(2)(c) and (3)(b) of the 1993 Act are those referred to in paragraph (1)(b) and (c).
Section 611A(1) was inserted by section 75 of, and paragraphs 1, 15 and 18(1) of Part I of Schedule 6 to, the Finance Act 1989.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: