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The Registered Pension Schemes (Authorised Payments) Regulations 2006

S.I. 2006/209 · Made 1 February 2006

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 1st February 2006

Laid before the House of Commons 2nd February 2006

Coming into force 6th April 2006

The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred upon them by section 164(f) of the Finance Act 2004f1, and now exercisable by them, make the following Regulations:

Annotations to the whole text

Footnotes

f1

2004 c. 12. The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50(1) of that Act provides that a reference to the Commissioners of Inland Revenue (however expressed) shall be taken as a reference to the Commissioners for Her Majesty’s Revenue and Customs.

Contents

  1. 1Citation and commencement
  2. 2Prescribed payments
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Registered Pension Schemes (Authorised Payments) Regulations 2006 and shall come into force on 6th April 2006.

2Prescribed payments

For the purposes of section 164(f) of the Finance Act 2004 (authorised member payments), the following payments are prescribed—

(a)

lump sum payments arising from the commutation of equivalent pension benefits pursuant to regulation 2(1A) of—

(i)

the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997f1, or

(ii)

the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997f2,

(b)

payments of state scheme premiums pursuant to—

(i)

section 55 of the Pension Schemes Act 1993f3, or

(ii)

section 51 of the Pension Schemes (Northern Ireland) Act 1993f4,

(c)

payments of contributions equivalent premiums pursuant to—

(i)

section 55(2) of the Pension Schemes Act 1993f5, or

(ii)

section 51(2) of the Pension Schemes (Northern Ireland) Act 1993f6; and

(d)

payments for restoring members' State scheme rights pursuant to—

(i)

paragraph 5(3B)(b) of Schedule 2 to the Pension Schemes Act 1993f7, or

(ii)

paragraph 5(3B)(b) of Schedule 1 to the Pension Schemes (Northern Ireland) Act 1993f8.

Signature

David Varney

Steve Lamey

Two of the Commissioners for Her Majesty’s Revenue and Customs

1st February 2006

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe payments a registered pension scheme is authorised to make to or in respect of a member of a pension scheme under section 164(f) of the Finance Act 2004 (c. 12).

Regulation 1 provides for citation and commencement.

Regulation 2 sets out the payments which a registered pension scheme is authorised to make.

A 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 8th April 2004, and is available on HM Revenue & Customs website at http://www.hmrc.gov.uk/ria/simplifying-pensions.pdf or obtained by writing to HM Revenue & Customs, Ministerial Correspondence Unit, 1st Floor, Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.