The Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2013

Amendment of the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006

8.  In regulation 3 (recognised overseas pension schemes: prescribed countries or territories and prescribed requirements), for paragraph (1) substitute—

“(1) For the purposes of section 150(8) (recognised overseas pension schemes), in addition to satisfying the requirements set out in regulation 2 above, the pension scheme must—

(a) except where it falls within paragraph (1A), satisfy the requirement in paragraph (6); and

(b) satisfy 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).

(1A) A pension scheme falls within this paragraph if it is an overseas public service pension scheme or if it falls within regulation 2(1)(b).

(1B) A pension scheme is an “overseas public service pension scheme” for the purposes of paragraph (1A) if—

(a) it is established in a country or territory outside the United Kingdom and is either—

(i) so established by or under the law of that country or territory, or

(ii) approved by the government of that country or territory; and

(b) it is established for the purpose of providing benefits to individuals for or in respect of services rendered to that country or territory or any political subdivision or local authority thereof.”.