Amendment of the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006
6. After regulation 3A(1) (computation of a member’s taxable asset transfer fund) insert—
“Computation of the member’s ring-fenced transfer fund
3B. The amount of a member’s ring-fenced transfer fund (“RFTF”) under a RNUKS(2) is the aggregate of the sums and market value of the assets transferred as a result of the original relevant transfer(3) or subsequent relevant transfer(4) as has been transferred to the RNUKS without being subject to the unauthorised payments charge(5).
Computation of the member’s ring-fenced taxable asset transfer fund
3C. The amount of the member’s ring-fenced taxable asset transfer fund (“RFTATF”) under a RFTF in a RNUKS is the sum of—
(a)the aggregate of the sums and market value of the assets transferred as a result of an original relevant transfer from a registered pension scheme to that RNUKS, and
(b)so much of the member’s RFTATF under any other RNUKS as has been transferred to that RNUKS without being subject to the unauthorised payments charge.”.
Regulation 3A was inserted by S. I. 2006/1960.
“RNUKS” has the meaning given in paragraph 1(5) of Schedule 34 to the Finance Act 2004 (c. 12).
“Original relevant transfer” has the meaning given in paragraph 1(6B) of Schedule 34 to the Finance Act 2004. Paragraph 1(6B) was inserted by paragraph 2(2) of part 1 of Schedule 4 to the Finance Act 2017 (c. 10).
“Subsequent relevant transfer” has the meaning given in paragraph 1(6D) of Schedule 34 to the Finance Act 2004. Paragraph 1(6D) was inserted by paragraph 2(2) of part 1 of Schedule 4 to the Finance Act 2017 (c. 10).
“Unauthorised payments charge” has the meaning given in section 208 of the Finance Act 2004, as amended by Schedule 46(4) to the Finance Act 2013 (c. 29), Schedule 2(2) to the Finance Act 2009 (c. 10) and Schedule 23 to the Finance Act 2006 (c. 25).