- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations amend the Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567, the “Principal Regulations”) and the Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (S.I. 2006/208) which make provision for the provision of information in connection with registered pension schemes and overseas pension schemes under Part 4 of the Finance Act 2004 (c. 12).
Regulation 1 provides for the citation and commencement of the Regulations.
Regulation 2 introduces the amendments to the Principal Regulations.
Regulation 3 amends the table in regulation 3(1) of the Principal Regulations (provision of information by scheme administrator to HM Revenue and Customs) to provide for reportable events when a stand-alone lump sum is paid, when a scheme becomes, or ceases to be, an investment-regulated pension scheme, when a scheme chargeable payment arises, when there is a change in the country or territory in which a scheme is established and where a scheme becomes, or ceases to be, an occupational pension scheme.
Regulations 4 inserts two new regulations into the Principal Regulations requiring members to provide information in relation to recycling of lump sums and the available portion of the member’s lump sum allowance.
Regulation 5 amends regulation 3(2) of the Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (S.I. 2006/208) to require an overseas pension scheme to report unauthorised payments in relation to recycling provisions and investment-regulated pension schemes.
The Board of Inland Revenue published a regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004, and subordinate legislation under it, on 8 April 2004. That assessment is now available on the website of HM Revenue and Customs at www.hmrc.gov.uk/ria/simplifying-pensions.pdf or obtained by writing to The Ministerial Correspondence Unit, 1st Floor, Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.
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.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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: