2015 No. 1454
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations 2015
Made
Laid before 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 No. 2) Regulations 2015 and come into force on 1st September 2015.
2
The amendment in regulation 3 has effect for the tax year 2015-16 and subsequent years.
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
After regulation 184 insert—
Nominees’ annuity — unauthorised payments19
1
In any case within paragraph 27AA(3) of Schedule 28 (transfer of sums or assets on cessation of a nominees’ annuity) where a new nominees’ annuity5 becomes payable, to the extent that the amount of the sums and the value of the assets applied to purchase the new nominees’ annuity are equal to the amount of the sums and the value of the assets transferred, the new nominees’ annuity is to be treated as if it were the original nominees’ annuity6 to determine for the purposes of section 172A(1) and (2) (surrender of benefits or rights under a registered pension scheme)7 whether a surrender of (or agreement to surrender) rights to payments under a nominees’ annuity has occurred.
2
In any other case within paragraph 27AA(3) the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred.
Successors’ annuity — unauthorised payments20
1
In any case within paragraph 27FA(3) of Schedule 28 (transfer of sums or assets on cessation of a successors’ annuity) where a new successors’ annuity8 becomes payable, to the extent that the amount of the sums and the value of the assets applied to purchase the new successors’ annuity are equal to the amount of the sums and the value of the assets transferred, the new successors’ annuity is to be treated as if it were the original successors’ annuity9 to determine for the purposes of section 172A(1) and (2) whether a surrender of (or agreement to surrender) rights to payments under a successors’ annuity has occurred.
2
In any other case within paragraph 27FA(3) the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred.
(This note is not part of the Regulations)