Regulation 2 Amendment of the Registered Pension Schemes (Authorised Payments) Regulations 2009

The Registered Pension Schemes (Authorised Payments) Regulations 2009^f1 are amended as follows.

After regulation 11 (De minimis rule for pension schemes), insert—

“11A.

(1)

A payment to a member by a pension scheme which is not a public service pension scheme or an occupational pension scheme in respect of an arrangement under that scheme if—

(a)

the member has reached the age of 60;

(b)

the payment does not exceed £2,000;

(c)

the payment extinguishes the member’s entitlement to benefits under the arrangement; and

(d)

the condition in paragraph (2) is satisfied.

(2)

The condition is that the member has not previously received more than one payment under this regulation.”.