The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006

Amendment of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996

30.—(1) Amend the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1) as follows.

(2) In regulation 12 (requirements to be met by receiving schemes, annuities and arrangements)—

(a) for sub-paragraph (d) of paragraph (1) substitute—

“(d) if the scheme from which rights are transferred or from which a transfer payment is made is registered under section 153 of the Finance Act 2004, the scheme or personal pension scheme to which rights are transferred or to which a transfer payment in respect of rights is made is registered under that section (except a scheme which was immediately before 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988) or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004 (recognised transfers).”;

(b) in sub-paragraph (b) of paragraph (2) for “of a kind” to the end of that sub-paragraph substitute “registered under section 153 of the Finance Act 2004, the annuity satisfies requirements of Her Majesty’s Revenue and Customs.”;

(c) omit paragraph (3);

(d) in paragraph (5)—

(i) in sub-paragraph (a) after “arrangement” (where the word first appears) omit “or a self-employed pension arrangement”,

(ii) in sub-paragraph (b) omit “it is an overseas arrangement and”, and

(iii) in sub-paragraph (c) for “is of a kind described” to the end of that sub-paragraph substitute “is registered under section 153 of the Finance Act 2004 or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004.”, and

(e) omit sub-paragraph (a) of paragraph (6).

(1)

S.R. (NI) 1996 No. 619; relevant amending Regulations are S.R. (NI) 1997 No. 160.