| STATUTORY INSTRUMENTS |
| The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2008 |
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Made
Laid before the House of Commons
Coming into force
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12th March 2008
13th March 2008
6th April 2008
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The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 251(1)(a) and (b), (4)(a) and (b) and (5) of the Finance Act 2004(1), and now vested in them(2): |
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| 1- |
Citation and commencement |
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These Regulations may be cited as the Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2008 and shall come into force on 6th April 2008. |
| 2- |
Amendment of the Registered Pension Schemes (Provision of Information) Regulations 2006 |
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The Registered Pension Schemes (Provision of Information) Regulations 2006(3) are amended as follows. |
| 3- |
In the Table in regulation 3(1) (provision of information by scheme administrator to the Commissioners)— |
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(a) |
in entry 5, for “is not now paid because the ill-health condition is no longer met” substitute “ceases to be paid for any reason other than the member’s death”; |
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(b) |
in entry 8A(4), for paragraphs (a) and (b) in column 1 substitute— |
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(a) |
circumstance A in article 25B(2) of the Taxation of Pension Schemes (Transitional Provisions) Order 2006(5) (“the 2006 Order”) is met, |
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(b) |
circumstance B in article 25B(3) of the 2006 Order is met; or |
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(c) |
circumstance C in article 25B(4) of the 2006 Order is met and the payment is more than 7.5% of the standard lifetime allowance for the tax year in which the sum is paid.”; |
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(i) |
for column 1 substitute— |
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“Sums and assets— |
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(a) |
meet Condition A or Condition B in paragraph 11 of Schedule 28 (member’s alternatively secured pension fund) in respect of at least one member of the scheme; or |
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(b) |
meet Condition A or Condition B of paragraph 25 of Schedule 28 (dependant’s alternatively secured pension fund) in respect of at least one dependant of a member of the scheme; |
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for the first time during the reporting year.”, and |
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(ii) |
in column 2 for the words beginning with the word “members” and ending with the word “fall” substitute “such members and dependants in respect of whom the sums and assets have met the condition concerned for the first time during the reporting year falling”; |
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(d) |
omit entry 16; and |
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(e) |
in entry 18(6)— |
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(i) |
in column 1 after “under” insert “section 181A(7) (alternatively secured pensions: minimum level of payment),”, |
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(ii) |
in column 1 for “185F” substitute “section 185F”(8), and |
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(iii) |
in column 2 for “The fact of the payment.” substitute “The fact that the scheme is to be treated as having made a scheme chargeable payment.”. |
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| 4- |
(1) |
Amend regulation 4 (provision of information in respect of a pension scheme which has been wound up) as follows. |
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(2) |
At the end of paragraph (2)(a) omit “or”. |
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(3) |
At the end of paragraph (2)(b) add— |
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(c) |
an annuity contract which is treated as a registered pension scheme by virtue of section 153(8)(9) other than an annuity contract to which paragraph (2A) applies.”. |
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(4) |
After paragraph (2) insert— |
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“(2A) |
This paragraph applies to an annuity contract— |
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(a) |
which has received a recognised transfer (within the meaning of section 169(10)) subsequent to the one which led to the annuity contract becoming a registered pension scheme under section 153(8); |
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(b) |
which has received— |
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(i) |
relievable pension contributions as defined in section 188(2), or |
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(ii) |
contributions paid by an employer, |
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where the total of those contributions exceeds £10; |
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(c) |
where a declaration under section 270(2)(b) has been made by the scheme administrator to the Commissioners; or |
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(d) |
which is an investment-regulated pension scheme which directly or indirectly holds an interest in taxable property. |
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Here “taxable property” has the same meaning as in Part 2 of Schedule 29A(11) and whether an interest in taxable property is held directly or indirectly shall be determined in accordance with Part 3 of that Schedule.”. |
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| 5- |
In regulation 8(1) (death: provision of information by scheme administrator to personal representatives), omit the words in brackets(12). |
| 6- |
In regulation 14 (information provided to members by scheme administrators about benefit crystallisation events)— |
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(a) |
in paragraph (1), after “member of the scheme” insert “or, if the member has died, the member’s personal representatives”; and |
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(b) |
in paragraph (2)(a), for “16 or 17” substitute “16, 17 or 17A”. |
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17A. |
“Transfers between insurance companies |
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(1) |
This regulation applies if— |
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(a) |
a scheme pension payable by an insurance company (“Insurer A”) ceases to be payable and another scheme pension becomes payable by another insurance company (“Insurer B”), in the circumstances described in regulation 4 of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 (scheme pension payable by insurance company) (“the Transfer Regulations”)(13); or |
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(b) |
a lifetime annuity payable by an insurance company (“Insurer A”) ceases to be payable and a new lifetime annuity becomes payable by another insurance company (“Insurer B”), in the circumstances described in regulation 6 of the Transfer Regulations (lifetime annuity). |
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In the following provisions of this regulation “a relevant transfer” means a transfer which occurs in the circumstances described in regulation 4 or 6 of the Transfer Regulations. |
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(2) |
If in connection with a relevant transfer — |
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(a) |
Insurer A transfers funds to Insurer B; and |
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(b) |
Insurer A was required to provide a statement under regulation 16(3), |
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Insurer A shall provide Insurer B, within 3 months of the transfer, with a statement containing the information specified in regulation 16(3). |
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(3) |
After the relevant transfer the obligation imposed by regulation 16(3) shall be that of Insurer B. |
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(4) |
Where in connection with a relevant transfer Insurer A transfers funds to Insurer B, and Insurer A was required to provide a statement under regulation 17(3) or 17(6)— |
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(a) |
if the statement was provided under regulation 17(3), Insurer A must provide Insurer B, within 3 months of the transfer, with a statement containing the information specified in regulation 17(3); or |
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(b) |
if the statement was provided under regulation 17(6), Insurer A must provide Insurer B, within 3 months of the transfer, with a statement containing the information specified in regulation 17(7). |
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(5) |
Where paragraph (4)(a) applies, after the relevant transfer the obligation imposed by regulation 17(3) shall be that of Insurer B. |
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But no statement is required if the percentage expended is nil. |
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(6) |
Where paragraph (4)(b) applies, after the relevant transfer the obligation imposed by regulation 17(6) shall be that of Insurer B.”. |
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12th March 2008 |
Dave Hartnett
Mike Eland
Two of the Commissioners of Her Majesty’s Revenue
and Customs
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