{
  "url": "https://openlegislation.uk/registered-pension-schemes-modification-of-the-rules-of-existing-schemes-regulations-2006/note",
  "json_url": "https://openlegislation.uk/registered-pension-schemes-modification-of-the-rules-of-existing-schemes-regulations-2006/note.json",
  "legislation": "uksi/2006/364",
  "legislation_title": "The Registered Pension Schemes (Modification of the Rules of Existing Schemes) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/registered-pension-schemes-modification-of-the-rules-of-existing-schemes-regulations-2006",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make provision modifying the rules of existing pension schemes during the period beginning with the 6th April 2006 and ending in accordance with paragraph 3(2) of Schedule 36 to the Finance Act 2004 (“the transitional period”). That paragraph provides that the modifications shall have effect until the earlier of—\n(a) the first date after 5th April 2006 on which amendments of the rules of the pension scheme which state the modifications no longer apply in relation to it takes effect, or\n(b) the end of the tax year 2010-11 or such later time as the Board of Inland Revenue may prescribe.\nThe functions of the Board of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11).\nRegulation 1 provides for the citation and commencement of these Regulations and defines certain terms contained in them.\nRegulation 2 limits the application of the later provisions of these Regulations. Each of the later provisions applies unless—\nthe scheme has, prior to the 6th April 2006, amended its rules in a way which corresponds to the provision in question; or\nthe rules are framed in such a way that amendment to reflect the provision in question is unnecessary.\nRegulation 3 provides that if an existing scheme’s rules would otherwise require the trustees or managers of an existing scheme to make what, by virtue of the regime introduced by Part 4 of the Finance Act 2004 would be an unauthorised payment, the rules shall instead be construed as conferring on them a discretion to choose whether to make such a payment.\nRegulations 4 and 5 preserve the effect of section 590C of the Income and Corporation Taxes Act 1988 (indexation of the permitted maximum) during the transitional period.\nRegulations 6 and 7 make provision in the case of existing scheme rules where benefits are restricted by reference to the scheme’s approval by the Inland Revenue or Her Majesty’s Revenue and Customs.\nRegulation 8 provides that the rules of an existing scheme are to be read as authorising reduction of a member’s benefits in respect of the administrator’s liability for the lifetime allowance charge.\nThese Regulations do not impose any new costs on business.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/364/note",
    "retrieved_at": "2026-10-29T04:37:45.657615+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}