2011 No. 733
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2011
Made
Laid before the House of Commons
Coming into force
Citation, commencement and effect1
1
These Regulations may be cited as the Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2011 and shall come into force on 6th April 2011.
2
These Regulations shall have effect from 6th April 2010.
Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006
2
The Registered Pension Schemes (Transfer of Sums and Assets) Regulations 20063 are amended as follows.
3
1
Regulation 4 (scheme pension payable by insurance company) is amended as follows.
2
In Table 1 (prescribed purposes – scheme pensions) above the entry relating to section 216(1), benefit crystallisation event 2 insert—
Section 165(1), pension rule 1
To determine whether the individual has reached the normal minimum pension age by reference to the day on which the original scheme pension was first paid.
4
1
Regulation 6(2) (lifetime annuity – unauthorised payments and prescribed purposes) is amended as follows.
2
In Table 2 (prescribed purposes – lifetime annuities) above the entry relating to section 172A (surrender)4 insert the following—
Section 165(1), pension rule 1
To determine whether the individual has reached the normal minimum pension age by reference to the day on which the original lifetime annuity was first paid.
5
For regulation 7 (short-term annuity – unauthorised payments) substitute—
Short–term annuity – unauthorised payments7
1
In any case within paragraph 6(1B) of Schedule 28 (transfer of sums and assets on cessation of short-term annuity) except where a new short-term annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment to the member of an amount equal to the aggregate of the amount of the sums and the market value of the assets transferred.
2
In any case within paragraph 6(1B) where a new short-term annuity becomes payable, the new short-term annuity is to be treated as if it were the original short-term annuity for the purposes prescribed in paragraph (3).
3
The prescribed purposes are to determine, in relation to pension rule 1 in section 165(1), whether the individual has reached the normal minimum pension age by reference to the day on which the original short-term annuity was first paid.
6
1
Regulation 12(2) (unsecured pension fund, alternatively secured pension fund, dependants’ unsecured pension fund and dependants’ alternatively secured pension fund – recognised transfers and prescribed purposes) is amended as follows.
2
In Table 3 (prescribed purposes – unsecured pension fund) above the entry relating to section 216(1), benefit crystallisation event 1 insert—
Section 165(1), pension rule 1
To determine whether the individual has reached the normal minimum pension age by reference to the day on which, in the case of income withdrawal, the first payment of unsecured pension was made under the old arrangement.
(This note is not part of the Regulations)