Explanatory Note
(This note is not part of the Regulations)
These Regulations prescribe an additional description of authorised payment which may be made by a registered pension scheme.
Regulation 1 provides for the citation and commencement of these Regulations.
Regulation 2 prescribes a payment of arrears of pension which have accrued, to which the member is entitled at the time when the pension begins to be paid, and which is taxable pension income within the meaning of section 579B of ITEPA 2003, as an additional description of authorised payment for the purposes of Part 4 of the Finance Act 2004.
These Regulations do not impose new costs on business.