The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006

Amendment of the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000

17.—(1) Amend the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000(1) as follows.

(2) In regulation 6 (discharge of liability in respect of a pension credit following the death of the person entitled to the pension credit), in paragraph (2), for “Part XIV of the Income and Corporation Taxes Act 1988” substitute “Part 4 of the Finance Act 2004 (pension schemes etc)”.

(3) In regulation 8 (unfunded occupational pension schemes other than public service pension schemes)—

(a) in paragraph (1)—

(i) in sub-paragraph (a), for the words “an approved” substitute “a registered”,

(ii) in sub-paragraph (b), for the word “unapproved” substitute “unregistered”, and

(b) for paragraph (3) substitute—

“(3) In this regulation—

(a) “registered scheme” means an occupational pension scheme which is registered under section 153 of the Finance Act 2004; and

(b) “unregistered scheme” means an occupational pension scheme which is not a registered scheme under section 153 of the Finance Act 2004.”.

(4) In regulation 15(5) (disqualification as a destination for pension credit – annuity contracts and insurance policies)—

(a) in sub-paragraph (a) omit “, and the aggregate of those benefits does not exceed £260 per annum”; and

(b) for sub-paragraph (b) substitute—

“(b) any lump sum payment—

(i) is permitted by the lump sum rule in section 166 of the Finance Act 2004; and

(ii) qualifies as a trivial commutation lump sum for the purposes of paragraph 7 of Part 1 of Schedule 29 to that Act; and”.

(1)

S.I. 2000/1053; the relevant amending instrument is S.I. 2000/2691 and 2005/2877.