The Registered Pension Schemes (Miscellaneous Amendments) Regulations 2011

Amendment of the Registered Pension Schemes (Relevant Annuities) Regulations 2006

6.—(1) The Registered Pension Schemes (Relevant Annuities) Regulations 2006(1) are amended as follows.

(2) In regulation 3 (definition of “annual amount”)—

(a) in paragraph (1)(a) for “member’s” substitute “member’s or dependant’s”;

(b) in paragraph (1)(b) for “75” (in both places) substitute “85”;

(c) in paragraph (2), for the words starting with “For” in the first place it appears and ending at the end of sub-paragraph (a), substitute—

“(2) For the purposes of paragraph (1) the “relevant date” in relation to drawdown pension years beginning on or before the member’s or dependant’s 75th birthday is—

(a) for the first drawdown pension year falling within a reference period—

(i) the nominated date, as set out in paragraph 10(3)(a) or 24(3)(a) (as the case requires); or

(ii) if there has been an additional fund designation made during that year, the date on which that designation was made;”;

(d) in paragraph (2)(b) for “unsecured pension year” substitute “drawdown pension year”;

(e) omit paragraphs (2)(c) and (d) and the remainder of paragraph (2);

(f) after paragraph (2) insert—

“(3) For the purposes of paragraph (1) the “relevant date” in relation to drawdown pension years beginning after the member’s or dependant’s 75th birthday is—

(a) the nominated date, as determined in accordance with paragraph 10A(3), (4) and (5) or 24A(3) (as the case requires); or

(b) if there has been an additional fund designation during a drawdown pension year, the date on which that designation was made.

(4) In paragraphs (2)(a)(i) and (b) and (3)(a), references to numbered paragraphs are to the paragraphs of Schedule 28 to the Act.”.

(1)

S.I. 2006/129.