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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend occupational and personal pensions legislation to update references to certain tax legislation.

The Registered Pension Schemes (Authorised Payments) Regulations 2009 (S.I. 2009/1171) (“the 2009 Regulations”) introduce new tax rules for pension schemes. They provide that some more payments made by pension schemes will be authorised payments, so will not attract some tax charges.

These Regulations update the following occupational and personal pensions legislation so that it refers to the new tax rules in the 2009 Regulations.

  • The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (S.I. 1991/167).

  • The Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations 1996 (S.I. 1996/775).

  • The Occupational Pension Schemes (Contracting-out) Regulations 1996 (S.I. 1996/1172).

  • The Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996 (S.I. 1996/1537).

  • The Occupational Pension Schemes (Winding Up) Regulations 1996 (S.I. 1996/3126).

  • The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997 (S.I. 1997/785).

  • The Pension Sharing (Implementation and Discharge of Liability) Regulations 2000 (S.I. 2000/1053).

  • The Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054).

A full impact assessment has not been produced for this instrument as it has only a negligible impact on the private and voluntary sectors. An impact assessment was produced by Her Majesty’s Revenue and Customs of the Government’s intention to make the changes to the tax legislation. This accompanied the Budget announcement made on 12th March 2008 and is available on the HMRC website at http://www.hmrc.gov.uk/budget2008/widen-scope-authpyt.pdf.