Explanatory note

Paragraph 19 of Schedule 36 to the Finance Act 2004 (c. 12) provides that members of registered pension schemes which are prescribed by regulations can preserve their full entitlement to benefits under those schemes in the event that they take such benefits before they reach normal minimum pension age.

Paragraphs 21, 22 and 23 of Schedule 36 provide that where registered pension schemes meet certain conditions, members of those schemes have rights to take benefits before normal minimum retirement age, and any reference to normal minimum retirement age is to have effect as if it were to the members protected pension age. Paragraph 23(4)(b) provides that one of the conditions is that the occupation of the member in question is prescribed by Regulations.

Regulation 1 provides for citation and commencement.

Regulation 2 prescribes the pension schemes for the purposes of paragraph 19(3) of Schedule 36 to the Finance Act 2004, members of which may take their pensions before normal minimum pension age without a reduction in the lifetime allowance.

Regulation 3 prescribes, for the purposes of 23(4)(b) of Schedule 36 to the Finance Act 2004, the occupations, members of which may take their pension at the time which is the member’s protected pension age rather than normal minimum pension age.

The Board of Inland Revenue published a regulatory impact assessment in respect of the provisions of Part 4 of the Finance Act 2004 and subordinate legislation under it, on 8 April 2004. The assessment is available on the website of Her Majesty’s Revenue and Customs at www.hmrc.gov.uk/ria/simplifying-pensions.pdf or (for hard copies) by writing to the Ministerial Correspondence Unit, 1st Floor Ferrers House, PO Box 38, Castle Meadow Road, Nottingham, NG2 1BB.