Statutory Instruments
2011 No. 1791
Income Tax
The Registered Pension Schemes (Modification of Scheme Rules) Regulations 2011
Made
20th July 2011
Laid before the House of Commons
21st July 2011
Coming into force
11th August 2011
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the power conferred by section 237F of the Finance Act 2004( 1 ).
Citation and commencement
1. These Regulations may be cited as the Registered Pension Schemes (Modification of Scheme Rules) Regulations 2011 and come into force on 11th August 2011.
Modification of scheme rules
2. —(1) This regulation applies where a scheme administrator of a registered pension scheme (“the scheme”) satisfies all or part of a member’s liability to the annual allowance charge, either on a voluntary basis or pursuant to a liability under section 237B of the Finance Act 2004 ( 2 ).
(2) The rules of the scheme shall be modified so as to allow for a consequential adjustment to be made to the entitlement of the member to benefits under the scheme on a basis that is just and reasonable having regard to normal actuarial practice. This paragraph is subject to paragraph (3).
(3) Any modification to the scheme’s rules made by virtue of paragraph (2) is subject to section 159 of the Pension Schemes Act 1993( 3 ) or section 155 of the Pension Schemes (Northern Ireland) Act 1993( 4 ) (inalienability of guaranteed minimum pension etc ).
Melanie Dawes
Dave Hartnett
Two of the Commissioners for Her Majesty’s Revenue and Customs
20th July 2011
2004 c. 12 . Section 237F was inserted by paragraph 15 of Schedule 17 to the Finance Act 2011 (c.11) .
Section 237B was inserted by paragraph 15 of Schedule 17 to the Finance Act 2011.
1993 c. 48 . Section 159 was amended by paragraph 41 of Schedule 3 to the Pensions Act 1995 (c. 26) and section 14(2) and Schedule 13 to the Welfare Reform and Pensions Act 1999 (c. 30) .
1993 c. 49 . Section 155 was amended by S.I.1995/3213 (N.I. 22) and S.I. 1993/3147 (N.I. 11) .