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The Pension Schemes (Information Requirements — Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pensions Schemes and Corresponding Relief) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 208
- Regulation 3AC
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Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 3(2)(da)(iiia) inserted by S.I. 2024/356 reg. 8(4)(c)
- reg. 3AD(2)(fa) inserted by S.I. 2024/356 reg. 8(6)(c)
- reg. 3AE(4)(ga) inserted by S.I. 2024/356 reg. 8(7)(d)
- reg. 3AG(1)(ba)(bb) inserted by S.I. 2024/356 reg. 8(8)(a)
- reg. 3AG(5)(6) inserted by S.I. 2024/356 reg. 8(8)(c)
[F1[F2Information to be given by QROPS and former QROPS: transfers of UK tax-relieved funds and F3... transfer funds after flexible accessU.K.
This section has no associated Explanatory Memorandum
3AC.—(1) Paragraph (2) applies if—
(a)in connection with a member of a QROPS or former QROPS which is to be treated as a registered pension scheme for the purposes of section 227G (when pension rights are first flexibly accessed) by virtue of paragraph 9ZA or 9ZB of Schedule 34 (non-UK schemes: application of certain charges) (“the transferring scheme”), there is a transfer of the whole or part of—
(i)the member’s UK tax-relieved fund;
[F4(ia)any of the member's ring-fenced transfer funds;] or
(ii)the member’s relevant transfer fund,
from the transferring scheme to a QROPS or to a registered pension scheme (“the recipient scheme”);
(b)the scheme manager of the transferring scheme has reason to believe that the member first flexibly accessed pension rights before the transfer; and
(c)the individual—
(i)is resident in the United Kingdom when sub-paragraph (b) is met; or
(ii)has been resident in the United Kingdom in any of the five tax years immediately preceding the tax year in which that sub-paragraph is met.
(2) The scheme manager of the transferring scheme must provide the scheme manager or scheme administrator (as the case may be) of the recipient scheme with a statement—
(a)stating that the scheme manager of the transferring scheme has reason to believe that the member first flexibly accessed pension rights before the transfer; and
(b)specifying the date the scheme manager of the transferring scheme understands to be the date when the member first flexibly accessed pension rights.
(3) The requirement under paragraph (2) is to be complied with before—
(a)the end of 91 days beginning with the date of the transfer; or
(b)if later, the end of 91 days beginning with the date when the scheme manager of the transferring scheme first has reason for the belief mentioned in paragraph (1)(b).]]
Textual Amendments
F1Regs. 3A-3C inserted (6.4.2012) by The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/884), regs. 1(1), 9
F2Regs. 3AA-3AD inserted (6.4.2015) by The Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2015 (S.I. 2015/673), regs. 1, 5
F3Word in reg. 3AC heading omitted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by virtue of Finance Act 2017 (c. 10), Sch. 4 para. 22(9)(b) (with Sch. 4 para. 22(15))
F4Reg. 3AC(1)(ia) inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 22(9)(a) (with Sch. 4 para. 22(15))
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