# The Registered Pension Schemes (Authorised Member Payments) Regulations 2023, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations enable payments to be made to the holders of insurance policies whose entitlements have been reduced following the issuing of a “write-down order” (as defined by regulation 2) without incurring charges to income tax under any of sections 208, 209 and 239 of the Finance Act 2004 (“FA 2004”) (c. 12).
The payments prescribed by regulation 3 are those made by “a relevant insurer” to a “policyholder” and which relate to a reduction in the value of any thing to which that policyholder is (or may become) entitled as a result of the making of a “write-down order”.
Regulation 4 enables a payment prescribed by regulation 3 to be treated as pension paid to the recipient under a registered pension scheme for the purposes of Part 9 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (pension income) and, for those purposes, as pension accruing in the tax year in which it was paid.
Regulation 5 ensures that subsections (2) and (4) of section 172A of FA 2004 (surrender of benefits and rights) do not apply to any surrender (or agreement to surrender) resulting from the making of a write-down order.
A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.

---
Source: https://www.legislation.gov.uk/uksi/2023/1012/note (the official version)
Page: https://openlegislation.uk/registered-pension-schemes-authorised-member-payments-regulations-2023/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.