Point in time view as at 14/02/2001.
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Personal Pension Schemes (Transfer Payments) Regulations 2001. Any changes that have already been made by the team appear in the content and are referenced with annotations.
(This note is not part of the Regulations)
Section 638(2) of the Income and Corporation Taxes Act 1988 (“section 638(2)” and “the Taxes Act” respectively) provides that the Commissioners of Inland Revenue (“the Board”) shall not approve a personal pension scheme unless it makes such provision for the making, acceptance and application of transfer payments as satisfies any requirements imposed by or under regulations made by the Board. These Regulations amend and consolidate those requirements.
Regulation 1 provides for citation and commencement and regulation 2 contains definitions.
Regulation 3 provides that the requirements referred to in section 638(2) are to make the provision set out in regulations 4 to 13.
Regulations 4, 5 and 6 set out the provision for the making of transfer payments to other personal pension schemes, certain retirement benefits schemes and statutory schemes.
Regulations 7 and 8 set out the provision for the acceptance by personal pension schemes of transfer payments from other personal pension schemes, retirement benefits schemes, relevant statutory schemes and retirement annuity contract or trust schemes.
The publication “Occupational Pension Schemes Practice Notes (IR 12)” referred to in regulation 8(3) may be obtained from the PSO Stationery Order Line, Pension Schemes Office, Yorke House, PO Box 62, Castle Meadow Road, Nottingham NG2 1BG (tel: 0115 974 1670), or from web site: www.inlandrevenue.gov.uk (Revenue leaflets).
Regulations 9 to 12 set out provision for the application of transfer payments made to personal pension schemes. Regulation 13 imposes obligations relating to the preparation of lump sum certificates where a pension sharing order or provision has been made.
Regulation 14 prescribes exceptions to section 638(7A) of the Taxes Act, allowing the transfer of funds which are subject to income drawdown in the circumstances specified.
Regulation 15 contains revocations and provides for the continuity of transfer payments made, and certificates given, under the revoked Regulations.
The Regulatory Impact Assessment for these Regulations can be obtained from Inland Revenue (Capital and Savings), Room 134, New Wing, Somerset House, Strand, London WC2R 1LB or from web site: www.inlandrevenue.gov.uk
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