OpenLegislation

Regulation 2 Requirements to be satisfiedF1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The prescribed requirements referred to in section 95(3)(a) and (b) of the Act (cash equivalent of member’s rights under a personal pension scheme to be used for acquiring transfer credits or rights under another scheme) are that—

(a)

the receiving scheme—

(i)

is registered under section 153 of the Finance Act 2004 (registration of pension schemes), or

(ii)

is a qualifying recognised overseas pension scheme as defined in section 169 of that Act (recognised transfers),

F2( b )

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

Paragraph (1)(a)(i) shall not apply if the receiving scheme was immediately before the 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988 (retirement annuities), unless the transfer is from a contract or scheme which was immediately before 6th April 2006 approved under Chapter III of Part XIV of that Act.

Annotations

Textual amendments

F1

Reg. 2 substituted (6.4.2006) by Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 4(2)

F2

Reg. 2(1)(b) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246), arts. 1(2)(a), 3(3)