The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025

Interpretation

2.—(1) In these Regulations—

“benefit crystallisation event” means a benefit crystallisation event within the meaning of Part 4 of FA 2004(1), as that Part had effect immediately before 6 April 2024, and references to a numbered benefit crystallisation event are to be construed accordingly;

“lifetime allowance windfall charge” has the meaning given in regulation 16;

“member” means a member of a relevant pension scheme(2);

“rectification period” means, in relation to a member and a relevant pension scheme, the first pension input period(3) in which the member’s benefits under a relevant pension scheme are adjusted as a result of a rectification exercise(4);

“relevant lifetime allowance charge” means—

(a)

a lifetime allowance charge(5), or

(b)

a charge to income tax arising by virtue of section 19 of the Finance (No. 2) Act 2023(6).

(2) Expressions used in these Regulations, unless otherwise provided, have the same meaning as in Part 4 of FA 2004 (pension schemes etc)(7).

(1)

“FA 2004” means the Finance Act 2004 (c. 12) by virtue of section 38 of FA 2024. Benefit crystallisation events were defined in section 216 and Schedule 32 to that Act. Before Schedule 9 of the Finance Act 2024 came into force, with effect for the tax year 2024-25 and subsequent tax years, section 216 was amended by paragraphs 31 and 42 of Schedule 10 to the Finance Act 2005 (c. 7), paragraph 30 of Schedule 23 to the Finance Act 2006 (c. 25), paragraphs 1 and 5 of Schedule 29 to the Finance Act 2008 (c. 9), paragraphs 43 and 73 of Schedule 16 to the Finance Act 2011 (c. 11), paragraph 16 of Schedule 1 and paragraph 21 of Schedule 2 to the Taxation of Pensions Act 2014 (c. 30), paragraph 4 of Schedule 4 to the Finance Act 2015 (c. 11) and paragraph 10 of Schedule 5 to the Finance Act 2021 (c. 26), before its repeal by paragraph 3 of Schedule 9 to FA 2024 with effect for the tax year 2024-25 and subsequent tax years; and Schedule 32 had been amended by paragraphs 8, 25 and 43 of Schedule 10 to the Finance Act 2005, paragraphs 7, 8, 9 and 10 of Schedule 29 to the Finance Act 2008, paragraphs 44 and 80 of Schedule 16 to the Finance Act 2011, paragraphs 27, 61 and 76 of Schedule 1 and paragraphs 19 and 24 of Schedule 2 to the Taxation of Pensions Act 2014, paragraph 7 of Schedule 4 to the Finance Act 2015, section 21(7) of the Finance (No. 2) Act 2015 (c. 33), paragraph 18 of Schedule 4 to the Finance Act 2017 (c. 10), paragraph 22 of Schedule 5 to the Finance Act 2021 and section 24(8) of the Finance (No. 2) Act 2023 (c. 30).

(2)

“Relevant pension scheme” is defined in section 15(2) of FA 2024.

(3)

“Pension input period” is defined in sections 238 to 238ZB of the Finance Act 2004.

(4)

“Rectification exercise” is defined in section 15(6) of FA 2024.

(5)

“Lifetime allowance charge” is defined in section 15(9) of FA 2024.

(6)

2023 c. 30. Section 19 was repealed by section 14(3) of FA 2024 with effect for the tax year 2024-25 and subsequent tax years.

(7)

Section 280 of the Finance Act 2004 provides an index to Part 4.