Amendments to the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 20064
In regulation 3 (recognised overseas pension schemes: prescribed countries or territories and prescribed conditions)—
a
in paragraph (1) for “the pension scheme must” to the end substitute—
the pension scheme must satisfy—
a
the requirement in paragraph (6); and
b
one or more of the following requirements—
i
the requirement that the scheme must be established in a country or territory mentioned in paragraph (2),
ii
the requirement in paragraph (4),
iii
the requirement in paragraph (5).
b
in paragraph (2)—
i
for “paragraph (1)(a)” substitute “paragraph (1)(b)(i)”;
ii
in sub-paragraph (c) after “any country or territory” insert “, other than New Zealand,”;
c
in paragraph (4) omit “The requirement is that,”; and
d
after paragraph (4) insert—
5
At the time of a transfer of sums or assets which would, subject to these Regulations, constitute a recognised transfer the scheme must be of a kind specified in Schedule 2 to these Regulations.
6
Where tax relief in respect of benefits paid from the scheme is available to a member of the scheme who is not resident in the country or territory in which the scheme is established, the same or substantially the same tax relief must—
a
also be available to members of the scheme who are resident in the country or territory; and
b
apply regardless of whether the member was resident in the country or territory—
i
when the member joined the scheme; or
ii
for any period of time when they were a member of the scheme.
7
For the purposes of paragraph (6) “tax relief”—
a
is any tax relief that is available under the system of taxation of personal income in the country or territory in which the scheme is established; and
b
includes the grant of an exemption from tax other than an exemption which applies by virtue of double taxation arrangements.
8
In paragraph (7)(b) “double taxation arrangements” means arrangements made between the country or territory in which the scheme is established and another country or territory with a view to affording relief from double taxation.