Regulation 10 Amendment of the Registered Pension Schemes (Provision of Information) Regulations 2006

After regulation 15 insert—

“Information between scheme administrators: transfer of dependant’s, nominee’s or successor’s funds

15ZA.

(1)

This regulation applies if and to the extent to which there is a recognised transfer of sums or assets (or both) which represent—

(a)

a dependant’s flexi-access drawdown fund,

(b)

a nominee’s flexi-access drawdown fund,

(c)

a successor’s flexi-access drawdown fund, or

(d)

a dependant’s drawdown pension fund,

in respect of a registered pension scheme (“Scheme A”) to another such scheme (“Scheme B”).

(2)

The scheme administrator of Scheme A shall provide the information specified in paragraph (3) to the scheme administrator of Scheme B within 3 months of the transfer.

(3)

The information is—

(a)

which of the descriptions in paragraphs (1)(a) to (d) applies to the drawdown fund from which the sums or assets (or both) are transferred,

(b)

whether a successor has been nominated in respect of that drawdown fund under paragraph 27F of Schedule 28^f1 and the name and address of any individual so nominated,

(c)

where the sums or assets (or both) transferred represent a dependant’s flexi-access drawdown fund, a nominee’s flexi-access drawdown fund or a dependant’s drawdown pension fund, the age at death of the deceased member,

(d)

where the sums or assets (or both) transferred represent a successor’s flexi-access drawdown fund, the age at death of the immediately preceding dependant, nominee or successor (as the case may be), and

(e)

where the deceased member referred to in sub-paragraph (c), or the immediately preceding dependant, nominee or successor referred to in sub-paragraph (d) died before the age of 75—

(i)

confirmation as to whether or not section 579CZA(1) or (2) of ITEPA 2003 (exemption for beneficiaries’ income withdrawal in some cases)^f2 apply to payments of income withdrawal from the fund from which the sums or assets (or both) are transferred, and

(ii)

if section 579CZA(1) or (2) do not apply, confirmation as to which (if any) of section 579CZA(4), (5) or (6) of ITEPA 2003 apply to payments of income withdrawal from that fund.”.