Statutory Instruments
2015 No. 1454
Income Tax
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations 2015
Made
at 9.30 a.m. on 15th July 2015
Laid before House of Commons
16th July 2015
Coming into force
1st September 2015
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations 2015 and come into force on 1st September 2015.
(2) The amendment in regulation 3 has effect for the tax year 2015-16 and subsequent years.
Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006
2.The Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006( 3 ) are amended as follows.
3. After regulation 18( 4 ) insert—
“ Nominees’ annuity — unauthorised payments
19. —(1) In any case within paragraph 27AA(3) of Schedule 28 (transfer of sums or assets on cessation of a nominees’ annuity) where a new nominees’ annuity ( 5 ) becomes payable, to the extent that the amount of the sums and the value of the assets applied to purchase the new nominees’ annuity are equal to the amount of the sums and the value of the assets transferred, the new nominees’ annuity is to be treated as if it were the original nominees’ annuity ( 6 ) to determine for the purposes of section 172A(1) and (2) (surrender of benefits or rights under a registered pension scheme) ( 7 ) whether a surrender of (or agreement to surrender) rights to payments under a nominees’ annuity has occurred.
(2) In any other case within paragraph 27AA(3) the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred.
Successors’ annuity — unauthorised payments
20. —(1) In any case within paragraph 27FA(3) of Schedule 28 (transfer of sums or assets on cessation of a successors’ annuity) where a new successors’ annuity ( 8 ) becomes payable, to the extent that the amount of the sums and the value of the assets applied to purchase the new successors’ annuity are equal to the amount of the sums and the value of the assets transferred, the new successors’ annuity is to be treated as if it were the original successors’ annuity ( 9 ) to determine for the purposes of section 172A(1) and (2) whether a surrender of (or agreement to surrender) rights to payments under a successors’ annuity has occurred.
(2) In any other case within paragraph 27FA(3) the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums, and the market value of the assets, transferred. ” .
Edward Troup
Nick Lodge
Two of the Commissioners for Her Majesty’s Revenue and Customs
At 9.30 a.m. on 15th July 2015
2004 c. 12 . Paragraphs 27AA and 27FA were inserted by paragraphs 3(2) and 3(3) of Schedule 4 to the Finance Act 2015 (c. 11) .
S.I. 2006/499 , to which there are amendments not relevant to these Regulations.
Regulations 13 to 18 were inserted by S.I. 2015/633 .
New nominees’ annuity is defined in paragraph 27AA(3)(a)(i) of Schedule 28 to the Finance Act 2004.
Original nominees’ annuity is defined in paragraph 27AA(3) of Schedule 28 to the Finance Act 2004.
Section 172A was inserted by paragraph 38 of Schedule 10 to the Finance Act 2005 (c. 7) . Section 172A(1)(a) was amended by paragraph 6 of Schedule 2 to the Taxation of Pensions Act 2014 (c. 30) . Section 172A(1)(aa) was inserted by paragraph 3 of Schedule 28 to the Finance Act 2008 (c. 9) and amended by paragraph 9(2) of Schedule 4 to the Finance Act 2015.
New successors’ annuity is defined in paragraph 27FA(3)(a)(i) of Schedule 28 to the Finance Act 2004.
Original successors’ annuity is defined in paragraph 27FA(3) of Schedule 28 to the Finance Act 2004.