2018 No. 5
The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2018
Made
Laid before the House of Commons
Coming into force
The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty's Revenue and Customs by section 5(1) of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50(1) of that Act provides that insofar as it is appropriate in consequence of section 5, a reference in an enactment, however expressed, to the Commissioners of Inland Revenue is to be treated as a reference to the Commissioners for Her Majesty's Revenue and Customs.
Citation, commencement and effectI11
1
These Regulations may be cited as the Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2018 and come into force on 30th January 2018.
2
The amendments in regulation 3 have effect for the tax year 2018-19 and subsequent years.
3
The amendments in regulations 4, 5 and 7 have effect for the tax year 2017-18 and subsequent tax years.
Amendments to the Registered Pension Schemes (Provision of Information) Regulations 2006I22
The Registered Pension Schemes (Provision of Information) Regulations 2006 M3 are amended as follows.
I33
In regulation 3 (provision of information by scheme administrator to the Commissioners)—
a
in the table in paragraph (1), after entry 20 insert—
20A. Master Trust scheme
The scheme becomes, or ceases to be, a Master Trust scheme within the meaning of section 1 of the Pension Schemes Act 2017 M4
The fact of the change and the date on which the change took effect.
b
after paragraph (7) insert—
8
An event report in respect of reportable event 20A must be delivered within 30 days of the event
I44
In regulation 14ZA(3)(b) (information provided to member by scheme administrator where it appears member may be first flexibly accessing pension rights) M5 for “£10,000”, in both places, substitute “
£4,000
”
.
I55
In Regulation 14A (annual allowance: annual provision of information by scheme administrator to member) M6—
a
in paragraph (9) Condition E for “£10,000” substitute “
£4,000
”
,
b
in paragraph (10)(d) for “£10,000” substitute “
£4,000
”
,
c
for paragraph (10)(e) substitute —
e
i
the unadjusted alternative allowance for each of the three preceding tax years, and the fact that the member's money purchase input sub-total for each of those preceding years will be tested against—
aa
a £4,000 allowance for the tax year 2017-18 and subsequent years,
bb
a £10,000 allowance for the tax year 2016-17, or
ii
if any of those preceding years is the tax year 2014-15 or earlier, the annual allowance for that year, and
Amendments to the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006I66
The Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006 M7 are amended as follows.
I77
In Regulation 3AA(3)(b) (information provided to member of QROPS or former QROPS by scheme manager where it appears member may be first flexibly accessing pension rights) M8 for “£10,000”, in both places, substitute “
£4,000
”
.
2004 c. 12. Section 169(4) was substituted, and section 169(4A) was inserted, by section 53(4) of the Finance Act 2013 (c. 29) and section 169(4) was amended by paragraph 92 of Schedule 1 to the Taxation of Pensions Act 2014 (c. 30) and section 53(7) of the Finance Act 2013; section 251 was amended by paragraph 47 of Schedule 10 to the Finance Act 2005 (c. 7), section 75(1) of the Finance Act 2009 (c. 10), paragraph 93 of Schedule 1 to the Taxation of Pensions Act 2014, section 21(6) of the Finance (No. 2) Act 2015 (c. 33), section 49 of the Finance Act 2010 (c. 13) and paragraph 93 of Schedule 1 to the Taxation of Pensions Act 2014; section 282(A1) was inserted by section 75(1) of the Finance Act 2009 (c. 10).