The Occupational and Personal Pension Schemes (Authorised Payments) Amendment Regulations 2009

Amendment of the Pension Sharing (Pension Credit Benefit) Regulations 2000

9.  For regulation 3 of the Pension Sharing (Pension Credit Benefit) Regulations 2000(1) (pension credit benefit in lump sum form), substitute—

“Pension credit benefit in lump sum form

3.   For the purposes of section 101C(2) of the 1993 Act (basic principle as to pension credit benefit), the circumstances in which the trustees or managers of a scheme may provide for payment of pension credit benefit in the form of a lump sum before normal benefit age are—

(a) those which permit payment of a lump sum in accordance with paragraph (a), (b), (e), (f) or (g) of the lump sum rule in section 166(1) of the Finance Act 2004 (lump sum rule); or

(b) that the lump sum payment is—

(i) made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”));

(ii) a payment that is described in Part 2 of the Registered Pension Schemes (Authorised Payments) Regulations 2009; and

(iii) made to or in respect of a member.”.

(1)

S.I. 2000/1054. Regulation 3 was substituted by S.I. 2009/615.