http://www.legislation.gov.uk/uksi/2012/1795/contents/made

The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2012

Income tax

Tax

en

King's Printer of Acts of Parliament

2018-03-02

INCOME TAX

These Regulations make consequential amendments to the Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207) (“the RNUKS Regulations”) following the amendments to the Finance Act 2004 (c. 12) (“FA 2004”) made by the Finance Act 2011 (c. 11) (“FA 2011”). The RNUKS Regulations modify certain provisions of Part 4 of FA 2004 in their application to relevant non-UK pension schemes. From 6th April 2011, Schedule 16 to FA 2011 amends Part 4 of FA 2004 (pension schemes etc) to remove certain tax rules that require members of registered pension schemes to secure an income, usually by buying an annuity, by age 75. The amendments replace the concept of an “unsecured pension” and an “alternatively secured pension” with the concept of a “drawdown pension”. A new facility is introduced removing the annual limit on payments from drawdown and dependants’ drawdown pensions provided a minimum income requirement of £20,000 per annum is met.