5(1)Paragraph 4 (payments to or in respect of transfer members of schemes) is amended as follows.U.K.
(2)In sub-paragraph (1), after “relevant transfer fund” insert “ , or ring-fenced transfer funds, ”.
(3)In sub-paragraph (2) (meaning of “relevant transfer fund”), before “so much of” insert “ , subject to sub-paragraph (3A), ”.
(4)After sub-paragraph (3) insert—
“(3A)The member's relevant transfer fund under the scheme does not include sums or assets that are in any of the member's ring-fenced transfer funds under the scheme.”
(5)In sub-paragraph (4) (power to specify whether payments by scheme are referable to relevant transfer fund), after “payments or transfers made (or treated as made) by” insert “ , or other things done by or to or under or in respect of or in the case of, ”.
(6)After sub-paragraph (4) insert—
“(5)The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that, in circumstances specified in the regulations, something specified in the regulations is to be treated as done by, to, in respect of or in the case of a transfer member of a relevant non-UK scheme.
(6)Regulations made by the Commissioners for Her Majesty's Revenue and Customs may make provision for determining whether payments or transfers made (or treated as made) by, or other things done by or to or under or in respect of or in the case of, a relevant non-UK scheme are to be treated as referable to a member's ring-fenced transfer funds under the scheme (and so whether or not they reduce the funds or any of them).
(7)Where regulations under sub-paragraph (6) make provision for a payment or transfer or something else to be treated as referable to a member's ring-fenced transfer funds under a scheme, regulations under that sub-paragraph may make provision for the payment or transfer or other thing, or any part or aspect of the payment or transfer or thing, also to be treated as referable to a particular one of those funds.”