The Pension Sharing (Miscellaneous Amendments) Regulations 2016

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations make amendments to secondary legislation concerning pension sharing orders in consequence of the Taxation of Pensions Act 2014 (c.30) (“the 2014 Act”) and the Pension Schemes Act 2015 (c.8) (“the 2015 Act”). These Acts contain provisions designed to provide greater flexibility for pension scheme members in accessing their pension rights. The Regulations also make technical amendments that concern valuation of rights under an occupational pension scheme for the purpose of making a pension sharing order and exclusion of some rights from the scope of a pension sharing order.

Regulation 2 makes amendments to the Pensions on Divorce etc. (Provision of Information) Regulations 2000 (S.I. 2000/1048) that are consequential to amendments to the Pension Schemes Act 1993 (c.48) (“the 1993 Act”) made by the 2015 Act and to the introduction of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734) (“the 2013 Regulations”). This regulation also makes amendments to the provisions governing the valuation of pension rights.

Regulation 3 makes amendments to the Pensions on Divorce etc. (Charging) Regulations 2000 (S.I. 2000/1049) that are consequential to amendments to the 1993 Act made by the 2015 Act and to the introduction of the 2013 Regulations.

Regulation 4 makes amendments to the Pension Sharing (Valuation) Regulations 2000 (S.I. 2000/1052) that are consequential both to the 2014 Act and to amendments to the 1993 Act made by the 2015 Act. This regulation also makes amendments to the provisions governing the valuation of pension rights for the purpose of pension sharing. This regulation excludes the right of an early leaver to a return of contributions or a cash transfer sum from the rights that can be included under a pension sharing order.

Regulation 5 makes amendments to the Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054) that are consequential to amendments to section 166 of the Finance Act 2004 (c.12) made by the 2014 Act and to amendments to the 1993 Act made by the 2015 Act. This regulation also makes a consequential amendment following the introduction of the Pensions Act 2008 (c.30).

Regulation 6 makes minor amendments to the Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123) that are consequential to amendments to the 1993 Act made by the 2015 Act.

Regulation 7 makes amendments to the Divorce etc. (Pensions) (Scotland) Regulations 2000 (S.S.I 2000/112) that are consequential to amendments to the 1993 Act made by the 2015 Act.

Regulation 8 makes minor amendments to the Dissolution etc. (Pensions) Regulations 2005 (S.I. 2005/2920) that are consequential to amendments to the 1993 Act made by the 2015 Act.

Regulation 9 amends the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015 (S.I. 2015/742) so that those regulations apply appropriately in relation to the transfer or conversion of pension credit rights that are safeguarded benefits for the purposes of section 48 of the 2015 Act.

There are no additional costs to business, the private sector and civil society organisations as a result of this instrument and, as such, no impact assessment has been prepared.