Search Legislation

The Taxation of Pension Schemes (Consequential Amendments) Order 2006

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Amendment of the Pension Schemes Act 1993

This section has no associated Explanatory Memorandum

7.—(1) The Pension Schemes Act 1993(1) is amended as follows.

(2) In section 9(5A) (requirements for certification of schemes: general)(2) for paragraphs (a) and (b) substitute “is a registered pension scheme under section 153 of the Finance Act 2004”.

(3) In section 28(8) (ways of giving effect to protected rights)(3) in the definition of “the termination date” omit the words after “arrangement,”.

(4) In section 28A (requirements for interim arrangements)(4)—

(a)in subsection (1) at the end insert “but the member, widow, widower or surviving civil partner may forbear to receive such payments”;

(b)in subsection (2) omit the words after “partner”;

(c)in subsection (3) for the words after “months” substitute

  • (“the aggregate payment”) must not be greater than—

    (a)

    the amount specified by pension rule 5 in subsection (1) of section 165 of the Finance Act 2004 (pension rules) for the unsecured pension year which ends in that period of twelve months, where the member has not reached the age of 75,

    (b)

    the amount specified by pension rule 7 in that subsection for the alternatively secured pension year which ends in that period of twelve months, where the member has reached the age of 75,

    (c)

    the amount specified by pension death benefit rule 4 in subsection (1) of section 167 of the Finance Act 2004 (pension death benefit rules) for the unsecured pension year which ends in that period of twelve months, where subsection (2) applies and the member’s widow, widower or surviving civil partner has not reached the age of 75, or

    (d)

    the amount specified by pension death benefit rule 6 in that subsection for the alternatively secured pension year, where subsection (2) applies and the member’s widow, widower or surviving civil partner has reached the age of 75.

  • This is subject to subsection (3A).;

(d)after subsection (3) insert—

(3A) The proportion of the aggregate payment which gives effect to a person’s protected rights must not be greater than the proportion of the value of the rights to money purchase benefits under the scheme that is attributable to the protected rights.; and

(e)omit subsections (4) and (5).

(5) In section 33 (tax requirements to prevail over certification requirements) for “a scheme must comply if it is to qualify for tax-exemption or tax-approval” substitute “a registered scheme must comply under Part 4 of the Finance Act 2004”.

(6) In section 163 (exemption of certain schemes from rule against perpetuities)—

(a)for subsection (4)(b) substitute—

(b)to be a registered pension scheme under section 153 of the Finance Act 2004 or to be a scheme that may be expected to satisfy the conditions for registration.; and

(b)omit subsection (5).

(7) In section 181(1) (general interpretation) omit the definitions of “tax-exemption” and “tax-approval”.

(2)

Subsection (5A) was inserted by section 283 of the Pensions Act 2004 (c. 35).

(3)

Section 28(8) was amended by article 2(1) of, and paragraph 9(c)(ii) of Schedule 9 to, S.I. 2005/2050.

(4)

Section 28A was inserted by section 143 of the Pensions Act 1995 (c. 26) and amended by articles 1(2)(c) and (3) and 2(1) of and paragraph 10 of Schedule 1 to S.I. 2005/2050.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources