{
  "url": "https://openlegislation.uk/registered-pension-schemes-authorised-member-payments-regulations-2006/note",
  "json_url": "https://openlegislation.uk/registered-pension-schemes-authorised-member-payments-regulations-2006/note.json",
  "legislation": "uksi/2006/137",
  "legislation_title": "The Registered Pension Schemes (Authorised Member Payments) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/registered-pension-schemes-authorised-member-payments-regulations-2006",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations prescribe an additional class of authorised member payments for the purposes of section 164 of the Finance Act 2004.\nRegulation 1 provides for the citation and commencement of the Regulations.\nRegulation 2 prescribes as an authorised member payment, a payment made in connection with the demutualisation of an insurance company, to (i) a member of a registered pension scheme (not being an occupational pension scheme or a public service pension scheme) or (ii) the beneficiary under a qualifying annuity contract. The payment must satisfy the following further conditions:\n(a) it is made in compensation for the loss of the person’s rights as a member of the insurance company and\n(b) it is made without a reduction in the total value of the sums and assets held for the purposes of the registered pension scheme, or the value or amount of the annuity.\nA regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004 and subordinate legislation under it was published by the Board of Inland Revenue on 8 April 2004. It is available on the website of HM Revenue and Customs at www.hmrc.gov.uk/ria/simplifying-pensions.pdf or by writing to the Capital & Savings Ministerial Correspondence Unit, 1st Floor, Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/137/note",
    "retrieved_at": "2026-10-29T04:39:08.003900+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}