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The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006

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Changes over time for: Section 15

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Version Superseded: 13/08/2009

Status:

Point in time view as at 06/04/2006. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006, Section 15. Help about Changes to Legislation

Modification of Schedule 29U.K.

This section has no associated Explanatory Memorandum

15.—(1) Schedule 29 is modified as follows.

(2) In paragraph 1 after sub-paragraph (4) insert—

(4A) In determining whether all or part of the member’s lifetime allowance is available—

(a)an amount treated as crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and

(b)the amount of the allowance available shall be reduced by the aggregate of—

(i)the amount of any previous pension commencement lump sum paid to or in respect of the member by a recognised overseas pension scheme, to the extent that the lump sum is referable to the member’s relevant transfer fund, and

(ii)the amount which would have crystallised by virtue of the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable.

(4B) For the purposes of sub-paragraph (4A) “the member’s relevant transfer fund” has the meaning given in paragraph 4(2) of Schedule 34(1)..

(3) In paragraph 2—

(a)in sub-paragraph (6) for the definition of AAC substitute—

AAC is the aggregate of—

(a)the amounts crystallised by each benefit crystallisation event (other than benefit crystallisation event 8) which has occurred in relation to the member before the member becomes entitled to the lump sum (or treated as crystallised) on each occasion on which entitlement to a pension arises; and

(b)the amount which would have crystallised, had the scheme paying it been a registered pension scheme —

(i)on entitlement arising to any pension commencement lump sum, to the extent that the lump sum is referable to the member’s relevant transfer fund, or

(ii)on entitlement arising to a pension, to the extent that it is so referable.;

(b)after sub-paragraph (6) insert—

(6A) The member’s becoming entitled to a pension commencement lump sum, or to a pension, as mentioned in paragraph (b) of the definition of AAC in paragraph (6) shall be treated as a benefit crystallisation event for the purposes of sub-paragraph (7)..

(4) In paragraph 4—

(a)in sub-paragraph (1)(a) after “registered medical practitioner” insert “or a recognised medical practitioner”;

(b)at the end of the paragraph add—

(3) In sub-paragraph (1) “recognised medical practitioner” means a medical practitioner practising outside the United Kingdom who is authorised, licensed or registered to practise medicine in the country or territory, outside the United Kingdom, in which either the scheme or the member is resident.

(4) In determining whether all or part of the member’s lifetime allowance is available—

(a)an amount crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and

(b)the amount of the allowance available shall be reduced by the aggregate of—

(i)the amount of any previous pension commencement lump sum which has been paid to or in respect of the member by a recognised overseas pension scheme, to the extent that it is referable to the member’s relevant transfer fund and

(ii)the amount which would have crystallised on the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable..

(5) In paragraph 5(1)(c) after “benefit crystallisation event” insert—

  • , other than an event which constitutes benefit crystallisation event 8.

(6) At the end of paragraph 7 add—

(6) In determining whether all or part of the member’s lifetime allowance is available—

(a)an amount crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and

(b)the amount of the allowance available shall be reduced by the aggregate of—

(i)the amount of any previous pension commencement lump sum which has been paid to or in respect of the member by a recognised overseas pension scheme, to the extent that it is referable to the member’s relevant transfer fund and

(ii)the amount which would have crystallised on the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable..

(7) At the end of paragraph 10 add—

(4) In determining whether all or part of the member’s lifetime allowance is available—

(a)an amount crystallising by virtue of benefit crystallisation event 8 shall be disregarded; and

(b)the amount of the allowance available shall be reduced by the aggregate of—

(i)the amount of any previous pension commencement lump sum which has been paid to or in respect of the member by a recognised overseas pension scheme, to the extent that the lump sum is referable to the member’s relevant transfer fund, and

(ii)the amount which would have crystallised on the member becoming entitled to a pension, had the scheme paying it been a registered pension scheme, to the extent that it is so referable..

(8) In paragraph 11 after sub-paragraph (b) insert—

(bb)it is not paid from the relevant transfer fund of a qualifying recognised overseas pension scheme,.

(9) In paragraph 4(1)(a), and paragraph 19(1)(d) and (2)(e) for “scheme administrator” substitute “scheme manager”.

Commencement Information

I1Reg. 15 in force at 6.4.2006, see reg. 1(1)

(1)

As to the regulations referred to in that paragraph see Part 2 of this instrument.

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