SCHEDULES

SCHEDULE 5 Pensions: miscellaneous amendments and alternative to anti-franking rules

Part I Miscellaneous amendments

Transfer of rights to overseas personal pension schemes

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1

In section 20(1) of the 1993 Act (power to make provision for transfer of rights relating to guaranteed minimum pensions to an occupational or a personal pension scheme)—

a

in paragraph (a), for “or to a personal pension scheme” there shall be substituted “, to a personal pension scheme or to an overseas arrangement”; and

b

in paragraph (b), for “or a personal pension scheme” there shall be substituted “, a personal pension scheme or an overseas arrangement”.

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3

In section 181(1) of that Act (interpretation), there shall be inserted, at the appropriate place in the alphabetical order—

“overseas arrangement” means a scheme or arrangement which—

a

has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement to or in respect of earners;

b

is administered wholly or primarily outside Great Britain;

c

is not an appropriate scheme; and

d

is not an occupational pension scheme;