Explanatory note

These Regulations amend the Registered Pension Schemes (Authorised Payments) Regulations 2009 (S.I. 2009/1171) (“the 2009 Regulations”), which provides for a variety of payments to be authorised payments when made by registered pension schemes to or in respect of its members. Such payments do not attract a tax charge that applies when a registered pension scheme makes an unauthorised payment.

Regulation 3 provides the date on which the amendments will take effect.

Regulation 4 inserts a new regulation 5B into the 2009 Regulations to provide that a pension advice allowance payment by a registered pension scheme will be an authorised payment for the purposes of the Finance Act 2004 (c. 12) if the conditions set out in the new regulation 21 of the 2009 Regulations are met.

Regulation 5 inserts new regulation 21, which sets out the conditions that must be met for the payment to be an authorised payment. It also defines “arrangement”, “retirement financial advice” and “regulated financial advice”.

A Tax Information and Impact Note covering this instrument was published on 7 February 2017 and is available on the HMRC at https://www.gov.uk/government/publications/pensions-tax-pensions-advice-allowance/pensions-tax-pensions-advice-allowancehttps://www.gov.uk/government/publications/pensions-tax-pensions-advice-allowance/pensions-tax-pensions-advice-allowance . It remains an accurate summary of the impacts that apply to this instrument.