(This note is not part of the Regulations)
These Regulations extend the meaning of “the scheme” in paragraphs (a), (b) and (c) of paragraph 4(1) of Schedule 33 to the Finance Act 2004 (c. 12). Paragraph 4 of that Schedule was amended by paragraph 32 of Schedule 23 to the Finance Act 2006. Sub-paragraph (3) of paragraph 4 authorises the making of retrospective provision.
The effect of the Regulations is to extend eligibility for migrant member relief under each of those paragraphs to cases where a person was not resident in the United Kingdom at the time that he joined a scheme other than the scheme referred to in those paragraphs.
The first case to which the Regulations apply is where a member’s rights have been the subject of one or more block transfers within the meaning of paragraph 22(6) of Schedule 36 to the 2004 Act. In such a case the reference to the pension scheme is to be read as including the scheme from which the transfer occurred.
The second case is where a series of block transfers have occurred. In such a case the reference to the pension scheme is to be read as including any of the schemes from which any of the transfers forming part of the series have occurred.
The third case is where the scheme to which the member originally belonged is closed to new accruals for existing members and a further scheme for members of that scheme is set up. In such a case references to the pension scheme to which the member belonged when non-resident is to be read as a reference to either the new scheme or the original scheme.
These Regulations do not impose new costs on business.