Regulation 2 Interpretation

(1)

Any reference in these Regulations to a numbered section or a paragraph of a Schedule, without more, is a reference to the section or paragraph of the Finance Act 2004 bearing that number.

(2)

Any reference in these Regulations to a person’s being entitled to a payment—

(a)

if it is a payment of pension (or intended to be such a payment), shall be construed in accordance with section 165(3) (pension rules)^f1, and related expressions shall be construed accordingly;

(b)

if it is a payment of a lump sum (or intended to be such a payment), shall be construed in accordance with section 166(2) (lump sum rule)^f2, and related expressions shall be construed accordingly.

(3)

For the purpose of these Regulations, whether a person is connected with another person is determined in accordance with section 993 of the ITA 2007 (meaning of “connected” persons)^f3.

(4)

For the purpose of these Regulations,

(a)

a pension scheme is related to another pension scheme if each of them is—

(i)

a registered pension scheme^f4 that is an occupational pension scheme^f5 or a public service pension scheme^f6, and

(ii)

a pension scheme relating to the same employment; but

(b)

if the context is whether a person is or is not a controlling director of a sponsoring employer^f7 of a pension scheme, only registered pension schemes that are occupational pension schemes are related to other such pension schemes.

(5)

In these Regulations—

“controlling director” has the meaning given by section 273(9) (members liable as scheme administrator);
“excluded transfer” means—
1. (a)
  
  a recognised transfer^f8; or
2. (b)
  
  any other transfer to the pension scheme of any sums or assets held for the purposes of, or representing accrued rights under, another pension scheme.

Annotations

Footnotes

f1: There are amendments to section 165, but none is relevant.
f2: Section 166 was amended by paragraph 9 of Schedule 20 to the Finance Act 2007 (c. 11).
f3: Section 280(1) of the Finance Act 2004 defines “ITA 2007” as meaning the Income Tax Act 2007 (c. 3); that definition was inserted by paragraph 481 of Schedule 1 to ITA 2007.
f4: Section 150(2) of the Finance Act 2004 defines “registered pension scheme”.
f5: Section 150(5) of the Finance Act 2004 defines “occupational pension scheme”.
f6: Section 150(3) of the Finance Act 2004 defines “public service pension scheme”.
f7: Section 150(6) of the Finance Act 2004 defines “sponsoring employer” in the context of occupational pension schemes.
f8: Section 169 of the Finance Act 2004 defines “recognised transfer”.