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This Order amends the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations 1996 (S.I. 1996/775) and the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations (Northern Ireland) 1996 (S.R. 1996 No. 94) (“the Winding up Regulations”) and the Personal and Occupational Pensions Schemes (Protected Rights) Regulations 1996 (S.I. 1996/1537) and the Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997 (S.R. 1997 No. 56) (“the Protected Rights Regulations”) consequential upon amendments made to the Finance Act 2004 (c.12) (“the 2004 Act”) by the Finance Act 2006 (c.25).
This Order amends the provisions of the Winding up Regulations and the Protected Rights Regulations regarding pension commencement lump sums that are paid out of protected rights used to purchase a scheme pension so that they mirror those contained in the 2004 Act.
A Regulatory Impact Assessment has not been prepared for this instrument as it has only a negligible impact on the costs of business, charities or voluntary bodies.
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