Taxation of Pensions Act 2014

Part 1 U.K. Drawdown pensions

Annual cap on pension drawdown abolished for flexi-access drawdown funds U.K.

1 U.K. In section 165(1) of FA 2004 (the pension rules) in pension rule 5 (annual cap on drawdown pension) after “in each drawdown pension year” insert “ from, or under a short-term annuity purchased using sums or assets out of, the member's drawdown pension fund ”.

2 U.K. In paragraph 8(1A) of Schedule 28 to FA 2004 (meaning of “member's drawdown pension fund”: funds designated as available for drawdown)—

(a) in the opening words omit “they”,

(b) in paragraph (a) for “have been designated at any time” substitute “ they have, at any time before 6 April 2015, been designated ”,

(c) before the “or” at the end of paragraph (a) insert—

“(aa) they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and—

(i) sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and

(ii) section 165(3A) did not apply to the arrangement immediately before 6 April 2015,”, and

(d) in paragraph (b)—

(i) at the beginning insert “ they ”, and

(ii) for “sums or assets which have been so designated or” substitute “ member-designated funds under paragraph (a) or (aa) or from sums or assets ”.

Flexi-access drawdown funds U.K.

3 (1) In Schedule 28 to FA 2004 after paragraph 8 insert— U.K.

“Member's flexi-access drawdown fund U.K.

8A (1) For the purposes of this Part the member's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated funds.

(2) For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated funds if—

(a) they—

(i) have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of drawdown pension, and

(ii) are not member-designated funds, or

(b) they were member-designated funds immediately before 6 April 2015 and section 165(3A) applied to the arrangement at that time, or

(c) they have become newly-designated funds by the operation of paragraph 8B, 8C or 8D, or

(d) they arise, or (directly or indirectly) derive, from newly-designated funds under paragraph (a), (b) or (c) or from sums or assets which so arise or derive.

(3) Any sums or assets that become newly-designated funds under sub-paragraph (2)(b) cease to be member-designated funds as from the start of 6 April 2015.

Conversion of certain drawdown pension funds into flexi-access drawdown funds U.K.

8B (1) Sub-paragraph (2) applies if—

(a) a member's drawdown pension fund in respect of an arrangement came into being before 6 April 2015,

(b) section 165(3A) did not apply to the arrangement immediately before 6 April 2015, and

(c) at a time on or after 6 April 2015, a payment—

(i) of income withdrawal from the fund, or

(ii) of a short-term annuity purchased using sums or assets out of the fund,

is made that (apart from sub-paragraph (2)) would breach the cap.

(2) The sums and assets that make up the fund immediately before the payment is made become newly-designated funds immediately before the payment is made (so that the payment is made out of the member's flexi-access drawdown fund in respect of the arrangement and therefore is not part of the total capped by pension rule 5).

(3) For the purposes of sub-paragraph (1)(c), a payment of drawdown pension in respect of an arrangement is one that would breach the cap if, when its amount is added to the amounts of any drawdown pension in respect of the arrangement—

(a) paid—

(i) before it is made, but

(ii) in the same drawdown pension year in respect of the arrangement, or

(b) paid at the time it is made,

the total is greater than the cap set by pension rule 5 for that drawdown pension year.

8C (1) Sub-paragraph (2) applies if—

(a) a member's drawdown pension fund in respect of an arrangement came into being before 6 April 2015,

(b) section 165(3A) did not apply to the arrangement immediately before 6 April 2015, and

(c) the member notifies the scheme administrator that the member wishes the fund to become the member's flexi-access drawdown fund in respect of the arrangement.

(2) At—

(a) the time the scheme administrator accepts the notification, or

(b) the start of 6 April 2015 if that is later,

the sums and assets that then make up that fund become newly-designated funds, if they have not previously done so by the operation of paragraph 8B.

8D (1) Sub-paragraphs (2) and (3) apply if—

(a) there is a recognised transfer from one registered pension scheme (“the old scheme”) to another registered pension scheme (“the new scheme”) of member-designated funds held for the purposes of an arrangement under the old scheme, and

(b) the sums or assets transferred are, under the arrangement under the new scheme for whose purposes they are first held after the transfer, designated as available for the payment of drawdown pension.

(2) If the member, when or before making the designation, notifies the scheme administrator of the new scheme that the member wishes the sums or assets to be newly-designated funds, the sums or assets become newly-designated funds and do so—

(a) when the designation is made, or

(b) if later, immediately after the transfer,

except that, if both the designation and transfer are made before 6 April 2015, the sums or assets become newly-designated funds at the start of 6 April 2015.

(3) If sub-paragraph (2) does not provide for the sums or assets to become newly-designated funds, the sums or assets become member-designated funds and do so—

(a) when the designation is made, or

(b) if later, immediately after the transfer.”

(2) Sub-paragraph (1), so far as it inserts the new paragraph 8D, has effect in relation to—

(a) cases where both the designation and transfer are made after the end of 2 months beginning with the day on which this Act is passed, and

(b) cases not within paragraph (a) where—

(i) the transfer is made before 6 April 2015 and the designation is made on or after 6 April 2015, or

(ii) the designation is made before 6 April 2015 and the transfer is made on or after 6 April 2015.

4 (1) In Schedule 28 to FA 2004 after paragraph 22 insert— U.K.

“Dependant's flexi-access drawdown fund U.K.

22A (1) For the purposes of this Part a dependant's flexi-access drawdown fund in respect of an arrangement consists of such of the sums or assets held for the purposes of the arrangement as are newly-designated dependant funds.

(2) For the purposes of this Part sums or assets held for the purposes of an arrangement are newly-designated dependant funds if—

(a) they—

(i) have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension, and

(ii) are not dependant-designated funds, or

(b) they were dependant-designated funds immediately before 6 April 2015 and section 167(2A) applied to the arrangement at that time, or

(c) they have become newly-designated dependant funds by the operation of paragraph 22B, 22C or 22D, or

(d) they arise, or (directly or indirectly) derive, from newly-designated dependant funds under paragraph (a), (b) or (c) or from sums or assets which so arise or derive.

(3) Any sums or assets that become newly-designated dependant funds under sub-paragraph (2)(b) cease to be dependant-designated funds as from the start of 6 April 2015.

Conversion of certain dependants' drawdown funds into flexi-access drawdown funds U.K.

22B (1) Sub-paragraph (2) applies if—

(a) a dependant's drawdown pension fund in respect of an arrangement came into being before 6 April 2015,

(b) section 167(2A) did not apply to the arrangement immediately before 6 April 2015, and

(c) at a time on or after 6 April 2015, a payment—

(i) of dependants' income withdrawal from the fund, or

(ii) of a dependants' short-term annuity purchased using sums or assets out of the fund,

is made that (apart from sub-paragraph (2)) would breach the cap.

(2) The sums and assets that make up the fund immediately before the payment is made become newly-designated dependant funds immediately before the payment is made (so that the payment is made out of the dependant's flexi-access drawdown fund in respect of the arrangement and therefore is not part of the total capped by pension death benefit rule 4).

(3) For the purposes of sub-paragraph (1)(c), a payment of dependants' drawdown pension in respect of an arrangement is one that would breach the cap if, when its amount is added to the amounts of any dependants' drawdown pension in respect of the arrangement—

(a) paid—

(i) before it is made, but

(ii) in the same drawdown pension year in respect of the arrangement, or

(b) paid at the time it is made,

the total is greater than the cap set by pension death benefit rule 4 for that drawdown pension year.

22C (1) Sub-paragraph (2) applies if—

(a) a dependant's drawdown pension fund in respect of an arrangement came into being before 6 April 2015,

(b) section 167(2A) did not apply to the arrangement immediately before 6 April 2015, and

(c) the dependant notifies the scheme administrator that the dependant wishes the fund to become the dependant's flexi-access drawdown fund in respect of the arrangement.

(2) At—

(a) the time the scheme administrator accepts the notification, or

(b) the start of 6 April 2015 if that is later,

the sums and assets that then make up that fund become newly-designated dependant funds, if they have not previously done so by the operation of paragraph 22B.

22D (1) Sub-paragraphs (2) and (3) apply if—

(a) there is a recognised transfer from one registered pension scheme (“the old scheme”) to another registered pension scheme (“the new scheme”) of dependant-designated funds held for the purposes of an arrangement under the old scheme, and

(b) the sums or assets transferred are, under the arrangement under the new scheme for whose purposes they are first held after the transfer, designated as available for the payment of drawdown pension.

(2) If the dependant, when or before the designation is made, notifies the scheme administrator of the new scheme that the dependant wishes the sums or assets to be newly-designated dependant funds, the sums or assets become newly-designated dependant funds and do so—

(a) when the designation is made, or

(b) if later, immediately after the transfer,

except that, if both the designation and transfer are made before 6 April 2015, the sums or assets become newly-designated dependant funds at the start of 6 April 2015.

(3) If sub-paragraph (2) does not provide for the sums or assets to become newly-designated dependant funds, the sums or assets become dependant-designated funds and do so—

(a) when the designation is made, or

(b) if later, immediately after the transfer.”

(2) Sub-paragraph (1), so far as it inserts the new paragraph 22D, has effect in relation to—

(a) cases where both the designation and transfer are made after the end of 2 months beginning with the day on which this Act is passed, and

(b) cases not within paragraph (a) where—

(i) the transfer is made before 6 April 2015 and the designation is made on or after 6 April 2015, or

(ii) the designation is made before 6 April 2015 and the transfer is made on or after 6 April 2015.

Further drawdown amendments U.K.

5 U.K. FA 2004 is amended as follows.

6 U.K. In section 167(1) (the pension death benefit rules) in pension death benefit rule 4 (annual cap on dependants' drawdown pension) after “in each drawdown pension year” insert “from, or under a dependants' short-term annuity purchased using sums or assets out of, the dependant's drawdown pension fund”.

7 U.K. In section 168(1), in the lump sum death benefit rule, after paragraph (e) insert—

“(ea) a flexi-access drawdown fund lump sum death benefit,”.

8 U.K. In section 169(1D) (regulations about transfers of drawdown funds) after paragraph (a) insert “or

(aa) a member's flexi-access drawdown fund or dependant's flexi-access drawdown fund,”.

9 U.K. In section 172B(2) (rights of a “relevant member”)—

(a) omit the “or” at the end of paragraph (aa), and

(b) after paragraph (b) insert “, or

(c) rights representing the member's flexi-access drawdown fund or dependant's flexi-access drawdown fund in respect of an arrangement under the pension scheme.”

10 U.K. In section 172B(7A) (section does not apply to certain increases in rights) after “dependant's drawdown pension fund” (in both places) insert “ or dependant's flexi-access drawdown fund ”.

11 U.K. In section 182(3) (value of arrangement for purposes of borrowing limits)—

(a) after paragraph (a) insert—

“(aa) the amount of such of the sums and the market value of such of the assets as represent the member's flexi-access drawdown fund in respect of the arrangement (if any),”, and

(b) in paragraph (b) after “dependants' drawdown pension funds” insert “or dependants' flexi-access drawdown funds”.

12 U.K. In section 182(5) (determining whether rights are uncrystallised) after “the person's drawdown pension fund” insert “ or the person's flexi-access drawdown fund ”.

13 U.K. In section 206(1) (payments which trigger special lump sum death benefits charge)—

(a) omit the “or” at the end of paragraph (b), and

(b) after paragraph (c) insert “or

(d) a flexi-access drawdown fund lump sum death benefit,”.

14 U.K. In section 211(1) (value of crystallised rights for purposes of section 210)—

(a) omit the “and” at the end of paragraph (a), and

(b) after paragraph (b) insert “, and

(c) the aggregate of the amount of the sums, and the market value of the assets, representing the member's flexi-access drawdown fund in respect of the arrangement on that date (if any).”

15 U.K. In section 212(2) (value of uncrystallised rights for purposes of section 210: rights which are not uncrystallised) after “the member's drawdown pension fund” insert “ or the member's flexi-access drawdown fund ”.

16 U.K. In section 216(1) (benefit crystallisation events and amounts crystallised), in column 2 of the entry in the table for benefit crystallisation event 5A, after “representing the individual's drawdown pension fund under the arrangement” insert “ (if any), plus the aggregate of the amount of the sums and the market value of the assets representing the individual's flexi-access drawdown fund under the arrangement (if any), ”.

17 U.K. In section 273A(1) (regulations about certain payments by insurance companies)—

(a) omit the “or” at the end of paragraph (b), and

(b) after paragraph (c) insert “or

(d) a flexi-access drawdown fund lump sum death benefit,”.

18 U.K. In section 280(2) (index of defined expressions) at the appropriate places insert—

“dependant's flexi-access drawdown fund

paragraph 22A of Schedule 28”

“flexi-access drawdown fund lump sum death benefit

paragraph 17A of Schedule 29”

“member's flexi-access drawdown fund

paragraph 8A of Schedule 28”

19 U.K. In paragraph 7 of Schedule 28 (meaning of “income withdrawal”) at the end insert “ or from the member's flexi-access drawdown fund in respect of an arrangement ”.

20 U.K. In paragraph 21 of Schedule 28 (meaning of “dependants' income withdrawal”) at the end insert “ or from the dependant's flexi-access drawdown fund in respect of an arrangement ”.

21 U.K. In paragraph 22(2) of Schedule 28 (meaning of “dependant's drawdown pension fund”: funds designated as available for dependants' drawdown pension)—

(a) in the opening words omit “they”,

(b) in paragraph (a) for “have been designated at any time” substitute “ they have, at any time before 6 April 2015, been designated ”,

(c) before the “or” at the end of paragraph (a) insert—

“(aa) they have, at any time on or after 6 April 2015, been designated under the arrangement as available for the payment of dependants' drawdown pension to the dependant, and—

(i) sums or assets held for the purposes of the arrangement have, at any time before 6 April 2015, been designated under the arrangement as so available, and

(ii) section 167(2A) did not apply to the arrangement immediately before 6 April 2015,”, and

(d) in paragraph (b)—

(i) at the beginning insert “ they ”, and

(ii) for “sums or assets which have been so designated or” substitute “ dependant-designated funds under paragraph (a) or (aa) or from sums or assets ”.

22 U.K. In paragraph 3(5)(a) and (8)(a) of Schedule 29 (deductions when calculating “applicable amount”) after “of the member's drawdown pension fund” insert “ or of the member's flexi-access drawdown fund ”.

23 U.K. In paragraph 17 of Schedule 29 (meaning of “drawdown pension fund lump sum death benefit”)—

(a) in sub-paragraph (1)(a) for “under” substitute “ to be paid from the member's drawdown pension fund in respect of ”, and

(b) in sub-paragraph (2)(c) after “at the date of the dependant's death” insert “ to be paid from the dependant's drawdown pension fund ”.

24 U.K. In Schedule 29 after paragraph 17 insert—

“Flexi-access drawdown fund lump sum death benefit U.K.

17A (1) For the purposes of this Part a lump sum death benefit is a flexi-access drawdown fund lump sum death benefit if—

(a) it is paid in respect of income withdrawal to which the member was entitled to be paid from the member's flexi-access drawdown fund in respect of an arrangement at the date of the member's death, and

(b) it is not a charity lump sum death benefit.

(2) A lump sum death benefit is also a flexi-access drawdown fund lump sum death benefit if—

(a) it is paid on the death of a dependant of the member,

(b) it is paid in respect of dependants' income withdrawal to which the dependant was at the date of the dependant's death entitled to be paid from the dependant's flexi-access drawdown fund in respect of an arrangement relating to the member, and

(c) it is not a charity lump sum death benefit.

(3) A lump sum death benefit is also a flexi-access drawdown fund lump sum death benefit if—

(a) it is paid on the death of a nominee of the member,

(b) it is paid in respect of nominees' income withdrawal to which the nominee was at the date of the nominee's death entitled to be paid from the nominee's flexi-access drawdown fund in respect of an arrangement relating to the member, and

(c) it is not a charity lump sum death benefit.

(4) A lump sum death benefit is also a flexi-access drawdown fund lump sum death benefit if—

(a) it is paid on the death of a successor of the member,

(b) it is paid in respect of successors' income withdrawal to which the successor was at the date of the successor's death entitled to be paid from the successor's flexi-access drawdown fund in respect of an arrangement relating to the member, and

(c) it is not a charity lump sum death benefit.

(5) But if the amount of a lump sum falling within sub-paragraph (1), (2), (3) or (4) exceeds the permitted maximum, the excess is not a flexi-access drawdown fund lump sum death benefit.

(6) The permitted maximum is the aggregate of—

(a) the amount of the sums, and

(b) the market value of the assets,

representing the member's, dependant's, nominee's or successor's flexi-access drawdown fund in respect of the arrangement immediately before the payment is made.”

25 U.K. In paragraph 18 of Schedule 29 (meaning of “charity lump sum death benefit”)—

(a) in sub-paragraph (1)(c) after “in respect of an arrangement” insert “ , or in respect of the member's flexi-access drawdown fund in respect of an arrangement, ”,

(b) in sub-paragraph (2)(d) after “dependant's drawdown pension fund” insert “ , or the dependant's flexi-access drawdown fund, ”, and

(c) in sub-paragraph (4) after “drawdown pension fund” insert “ , or flexi-access drawdown fund, ”.

26 U.K. In paragraph 4(1) of Schedule 32 (supplementary provision about benefit crystallisation event 4) at the end insert “ or flexi-access drawdown fund ”.

27 U.K. In paragraph 17(2) of Schedule 32 (supplementary provision about benefit crystallisation event 8) after “the individual's drawdown pension fund” insert “ or flexi-access drawdown fund ”.

28 (1) In paragraph 20(4) of Schedule 36 (lifetime allowance: deemed crystallisation: value of rights to pre-5 April 2006 drawdown pensions)— U.K.

(a) in paragraph (b) (arrangements where section 165(3A) of FA 2004 applies) for “applies” substitute “ applied at any time before 6 April 2015 ”, and

(b) after paragraph (b) insert “, or

(c) in the case of an arrangement to which section 165(3A) never applied but only if the time falls after the member's drawdown pension fund in respect of the arrangement is converted into the member's flexi-access drawdown fund in respect of the arrangement by the operation of any of paragraphs 8B to 8D of Schedule 28, 80% of the maximum amount that could have been paid in accordance with pension rule 5 in the drawdown pension year in which the conversion occurs had no conversion happened in that year by the operation of any of paragraphs 8B to 8D of Schedule 28.”

(2) The amendments made by sub-paragraph (1) come into force on 6 April 2015.

Commencement Information

I1 Sch. 1 para. 28 in force at Royal Assent, but see sub-para. (2)

29 U.K. In paragraph 29(3) of Schedule 36 (modifications of paragraph 3 of Schedule 29 for cases involving protected lump sum rights), in the sub-paragraph (5)(a) treated as substituted in paragraph 3 of Schedule 29, after “ member's drawdown pension fund ” insert “ or flexi-access drawdown fund ”.

Related amendment in the Pension Benefits Regulations 2006 U.K.

30 (1) In regulation 2(1) of the Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 (S.I. 2006/136) (payments in relation to which the insurance company is liable as scheme administrator)— U.K.

(a) omit the “or” at the end of sub-paragraph (b), and

(b) after sub-paragraph (c) insert “, or

(d) a flexi-access drawdown fund lump sum death benefit.”

(2) The amendment made by sub-paragraph (1) is to be treated as having been made by the Commissioners for Her Majesty's Revenue and Customs in exercise of their powers under section 273A of FA 2004 (as amended by this Schedule).

Related amendment in Part 9 of ITEPA 2003 U.K.

31 U.K. In section 636A of ITEPA 2003 (taxation of pension lump sums)—

F1 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in subsection (7) (definitions) after “ “drawdown pension fund lump sum death benefit”,” insert—

““flexi-access drawdown fund lump sum death benefit”,”.

Textual Amendments

F1 Sch. 1 para. 31(a) omitted (with effect in accordance with s. 22(12) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), s. 22(11)(b)(i)

Repeal and revocation of provisions relating to pre-6 April 2015 flexible drawdown U.K.

32 (1) In FA 2004 omit— U.K.

(a) in section 165(1), in pension rule 5, the second sentence,

(b) section 165(3A) and (3B),

(c) in section 167(1), in pension death benefit rule 4, the second sentence,

(d) section 167(2A) and (2B),

(e) in Schedule 28—

(i) paragraph 10(11),

(ii) paragraph 10A(11),

(iii) paragraphs 14A to 14E,

(iv) paragraph 24(11),

(v) paragraph 24A(9), and

(vi) paragraphs 24C to 24G, and

(f) in Schedule 34, paragraph 4A.

(2) In consequence of sub-paragraph (1), in Schedule 16 to FA 2011 omit paragraphs 1(3), 8(12), 10, 11(3), 18(12), 20 and 81(3).

(3) The Registered Pension Schemes (Prescribed Requirements of Flexible Drawdown Declaration) Regulations 2011 (S.I. 2011/1792) are revoked.

(4) The amendments made by sub-paragraphs (1) to (3) come into force on 6 April 2015.

Commencement Information

I2 Sch. 1 para. 32 in force at Royal Assent, but see sub-para. (4)

Related amendments in regulations U.K.

33 (1) The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207) are amended as follows. U.K.

(2) In regulations 6 and 7 omit paragraph (b) and the “and” preceding it.

(3) In regulation 14(3)—

(a) after paragraph (b) insert—

“(ba) paragraphs 8C and 8D (in each place where the expression occurs);”,

(b) omit paragraph (da),

(c) after paragraph (e) insert—

“(ea) paragraphs 22C and 22D (in each place where the expression occurs);”, and

(d) omit paragraph (fc).

(4) The amendments made by sub-paragraphs (2) and (3) come into force on 6 April 2015.

(5) The amendments made by sub-paragraph (3)(a) and (c) are to be treated as having been made by the Commissioners for Her Majesty's Revenue and Customs under such of the powers conferred on them by Schedule 34 to FA 2004 (as amended by this Schedule) as are applicable.

Commencement Information

I3 Sch. 1 para. 33 in force at Royal Assent, but see sub-paras. (4)(5)

34 (1) Regulation 12 of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 (S.I. 2006/499) (drawdown funds—recognised transfers) is amended as follows. U.K.

(2) In the heading after “fund” (in both places) insert “ or flexi-access drawdown fund ”.

(3) In paragraph (1) (transfer recognised only if transferred items are only items held under arrangement to which transfer made) after “represent a” insert “ member's flexi-access drawdown fund, dependant's flexi-access drawdown fund, ”.

(4) In paragraph (2) (transferred items treated for certain purposes as remaining held under fund from which transfer made) before sub-paragraph (a) insert—

“(za) in the case of a member's flexi-access drawdown fund, in the entries in table 3 for provisions not in Schedule 28,”.

(5) In table 3, in the heading, after “Prescribed purposes—” insert “ member's flexi-access drawdown fund or ”.

(6) In table 3 omit the entry for section 165(3A) of FA 2004.

(7) In table 4 omit the entry for section 167(2A) of FA 2004.

(8) The amendments made by this paragraph—

(a) come into force on 6 April 2015, and

(b) are to be treated as having been made by the Commissioners for Revenue and Customs under the powers to make regulations conferred by section 169(1D) and (1E) of FA 2004 (as amended by this Schedule).

Commencement Information

I4 Sch. 1 para. 34 in force at Royal Assent, but see sub-para. (8)

35 (1) The Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567) are amended as follows. U.K.

(2) In the table in regulation 3(1), omit the entry for reportable event 21 (reporting that section 165(3A) or 167(2A) of FA 2004 applies).

(3) Omit regulation 5B (reports for the tax year 2011-12).

(4) In regulation 16(1) (information for insurance company provided with funds otherwise than from a drawdown pension fund) after “drawdown pension fund” insert “ or flexi-access drawdown fund ”.

(5) In regulation 17(1) (information for insurance company provided with funds from a drawdown pension fund) after “drawdown pension fund” insert “ or flexi-access drawdown fund ”.

(6) In regulation 17(2) and (4) after “of the member's drawdown pension fund” insert “ or of the member's flexi-access drawdown fund ”.

(7) The amendments made by sub-paragraphs (4) to (6) are to be treated as having been made by the Commissioners for Her Majesty's Revenue and Customs under such of the powers cited in the instrument containing the Regulations as are applicable.

(8) In consequence of sub-paragraph (2), omit regulation 4(9) of the Registered Pension Schemes (Provision of Information) (Amendment) (No. 2) Regulations 2011 (S.I. 2011/1797).

(9) In consequence of sub-paragraph (3), omit regulation 5 of those 2011 Regulations.

(10) The amendments made by sub-paragraphs (2) and (8) have effect in relation to reports for the tax year 2015-16 and subsequent tax years.

(11) The amendments made by sub-paragraphs (3) and (9) come into force on 6 April 2015 but without prejudice to the continued operation of the revoked provisions in relation to reports for the tax year 2011-12.

(12) The amendments made by sub-paragraphs (4) to (6) come into force on 6 April 2015.

Commencement Information

I5 Sch. 1 para. 35 in force at Royal Assent, but see sub-paras. (10)-(12)