Amendment of the Stakeholder Pension Schemes Regulations 2000
20.—(1) Amend the Stakeholder Pension Schemes Regulations 2000(1) as follows.
(2) In regulation 1 (citation, commencement and interpretation)—
(a)In paragraph (3)—
(i)in the definition of “pension arrangement” for paragraph (c) substitute—
“(c)a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004;”; and
(ii)for the definition of “tax relief” substitute—
““tax relief” has the meaning given by Chapter 4 of Part 4 of the Finance Act 2004 (registered pension schemes: tax reliefs and exemptions);”; and
(b)in paragraph (6), for ““tax-exemption”“ to the end of that paragraph substitute ““tax-registration” and “tax-registered” mean registration or, as the case may be, registered under section 153 of the Finance Act 2004.”.
(3) In regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes), in paragraphs (5A)(2) and (5B)(3), for “has tax-exemption or tax-approval” in both places substitute “maintains its tax-registration”.
(4) In sub-paragraph (b) of regulation 6(4) (procedure for discharging rights on winding-up)—
(a)for “tax-approval or tax-exemption” substitute “tax-registration”, and
(b)for “approval or exemption” substitute “registration”.
(5) In regulation 17 (restrictions on contributions)—
(a)in paragraph (3), for “section 639” to “(tax reliefs: member’s contributions)” substitute “section 192 of the Finance Act 2004 (relief at source)”;
(b)in paragraph (4) for “tax-exemption” to the end of that paragraph substitute “tax-registration”; and
(c)after paragraph (4) insert—
“(4A) the trustees or manager of a stakeholder pension scheme may refuse to accept any contribution by, or on behalf of any member of the scheme who—
(a)has not given the declaration specified in regulation 5(2) of the Registered Pension Schemes (Relief at Source) Regulations 2005(4) (declaration of entitlement to tax relief in respect of net contributions); or
(b)is not a relevant UK individual for the purposes of section 189 of the Finance Act 2004 (relevant UK individual) for the tax year in respect of which the contribution is made.”.
(6) In regulation 18 (disclosure of information to members)—
(a)for sub-paragraph (n) of paragraph (5) substitute—
“(n)any amount paid to the member by way of income withdrawal or dependants' income withdrawal as defined in paragraph 7 or, as the case may be, 21 of Schedule 28 to the Finance Act 2004 (income withdrawal or dependants' income withdrawal);”;
(b)in sub-paragraph (b) of paragraph (5D)—
(i)for head (ii) substitute—
“(ii)the scheme maintains its tax registration under section 153 of the Finance Act 2004; and”; and
(ii)in head (iii), for “Commissioners of Inland Revenue” substitute “Commissioners of Her Majesty’s Revenue and Customs”; and
(c)for paragraph (10) substitute—
“(10) For the purposes of this regulation “member” shall include a dependant making income withdrawals from the scheme in accordance with paragraph 21 of Schedule 28 to the Finance Act 2004.”.
(7) In regulation 25 (disclosure of information to relevant employees), in paragraph (2)(e)(i) for the “tax-exemption or tax-approval” substitute “tax-registration”.
S.I. 2000/1403 as amended by S.I. 2001/104, 2001/934, 2001/3649, 2002/1383, 2002/1555, 2002/2098 and 2005/577.
Paragraph 5A was inserted by S.I. 2001/104 and amended by S.I. 2001/934.
Paragraph 5B was inserted by S.I. 2001/934.