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(This note is not part of the Regulations)
These Regulations amend the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (“the 2006 Regulations”) so as to make further modifications to Schedule 29 to the Finance Act 2004 (“the Act”) in its application to relevant non-UK schemes.
The effect of regulation 1(2) is that regulations 3 to 8 have some retrospective effect. The regulations concerned have the potential to operate on lump sums paid before these Regulations are made. Paragraphs 7(2)(a), 12(2)(a) and 19(2)(a) of Schedule 34 to the Finance Act 2004 provide that regulations may have effect in relation to times before they are made.
Regulations 2 to 10 amend regulation 15 of the 2006 Regulations. Regulation 15 made modifications to Schedule 29 to the Act to ensure that the new taxation regime for pensions taxation, which took effect on 6th April 2006, would operate correctly in relation to the lump sums that may be paid by relevant non-UK schemes (defined by paragraph 1(5) of Schedule 34 to the Act) and not give rise to inappropriate member payment charges (defined by paragraph 1 of Schedule 34). Those modifications were directed at the case where there had been a transfer of assets to a qualifying recognised overseas pension scheme (benefit crystallisation event 8, as defined by regulation 1(2) of the 2006 Regulations). The effect of these Regulations is to make similar modifications in relation to lump sums payable by a relevant non-UK scheme after the member has made an election under paragraph 15 of Schedule 34 that a benefit crystallisation event be treated as occurring.
A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.
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