- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
11(1)In the Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567) after regulation 18 insert—
(1)Regulations 3 to 18 have effect subject to the following provisions of this regulation.
(2)Paragraphs (3) to (8) apply if—
(a)a lump sum is paid by a registered pension scheme (“the paying scheme”) to a member of the scheme,
(b)paragraph 1B of Schedule 29 applies to the lump sum, and
(c)the member’s becoming entitled to the actual pension mentioned in paragraph 1B(2)(h) of Schedule 29 has the effect that—
(i)the member also becomes entitled to the lump sum, and
(ii)the member’s becoming entitled to the lump sum is a benefit crystallisation event.
(3)For the purposes of—
(a)reportable event 6,
(b)regulation 3 so far as applying by virtue of that event, and
(c)obligations under regulation 14(1),
the benefit crystallisation event mentioned in paragraph (2)(c)(ii) is treated as occurring—
(i)in respect of the scheme to which the transfer mentioned in paragraph 1B(2)(g) of Schedule 29 was made (“the receiving scheme”) and not in respect of the paying scheme, and
(ii)when the member becomes entitled to the actual pension or, if later, on 5 August 2014.
(4)For the purposes of regulations 15(2)(a) and 17(5)(a)(i) and (7)(a)(i), that benefit crystallisation event is treated as occurring in respect of the receiving scheme and not in respect of the paying scheme.
(5)For the purposes of—
(a)reportable event 7 (but not its definition of “the entitlement amount”),
(b)reportable event 8, and
(c)regulation 3 so far as applying by virtue of either of those events,
the lump sum is treated as having been paid—
(i)by the receiving scheme and not by the paying scheme, and
(ii)when the member becomes entitled to the actual pension or, if later, on 5 August 2014.
(6)For the purposes of reportable event 7 “the entitlement amount” is the total of—
(a)the sums held, at the time the lump sum is actually paid, for the purpose of providing the expected pension mentioned in paragraph 1B(2)(b) of Schedule 29, and
(b)the market value at that time of the assets held at that time for that purpose.
(7)The scheme administrator of the paying scheme is to provide the scheme administrator of the receiving scheme with the following information—
(a)the date the lump sum was paid,
(b)the amount of the lump sum,
(c)the total of—
(i)the sums held, at the time lump sum is paid, for the purpose of providing the expected pension mentioned in paragraph 1B(2)(b) of Schedule 29, and
(ii)the market value at that time of the assets held at that time for that purpose, and
(d)a statement that no further pension commencement lump sum may be paid in connection with that expected pension.
(8)The scheme administrator of the paying scheme is to comply with its obligations under paragraph (7) before—
(a)the end of 30 days beginning with the date of the transfer mentioned in paragraph 1B(2)(g) of Schedule 29, or
(b)if later, the end of 3 September 2014.
(1)Regulations 3 to 18 have effect subject to the following provisions of this regulation.
(2)Paragraph (3) applies if—
(a)a lump sum is paid by a registered pension scheme (“the paying scheme”) to a member of the scheme,
(b)paragraph 1B of Schedule 29 does not apply to the lump sum, but the conditions in paragraph 1B(2)(a) to (g) are met in the case of the lump sum, and
(c)as at the end of 5 October 2015 it is the case that the lump sum is to be taken as having been an unauthorised member payment.
(3)For the purposes of reportable event 1, and regulation 3 so far as applying by virtue of that event, the lump sum is treated as having been paid—
(a)by the receiving scheme and not by the paying scheme, and
(b)on 6 October 2015.”
(2)The amendment made by sub-paragraph (1) is to be treated as having been made by the Commissioners for Her Majesty’s Revenue and Customs under such of the powers cited in the instrument containing the Regulations as are applicable.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: