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Regulation 14ZE Member to inform other schemes if active or contributing etc and, under paragraph 8C of Schedule 28, drawdown pension fund becomes flexi-access drawdown fund and is flexibly accessedF1F10

United Kingdom

(1)

Paragraphs (3) and (4) apply if—

(a)

under paragraph 8C of Schedule 28, the drawdown pension fund in respect of an arrangement relating to an individual under a registered pension scheme (the “flexed” registered pension scheme) becomes the individual's flexi-access drawdown fund in respect of the arrangement, F2...

(F3b)

the individual accesses that flexi-access drawdown fund, and

(F4c)

on the F5date (the “first flexi-access date”) that the individual first flexibly accesses that flexi-access drawdown fund (the “first flexi-access”), or at any later time, the individual is an accruing member (see paragraph (7)) of the flexed or any other registered pension scheme.

(2)

In this regulation “the relevant 13-week period” means the period of 91 days beginning with—

(a)

the F6first flexi-access date if on that date the individual is an accruing member of any registered pension scheme, or

(b)

if not, the first day after that date when the individual is an accruing member of a registered pension scheme.

(3)

The individual must, before the end of the relevant 13-week period, inform the scheme administrator of each other registered pension scheme of which the individual is an accruing member on the first day of the relevant 13-week period—

(a)

of the conversion, and

(b)

of the F7first flexi-access date or (if applicable) of the first flexi-access having occurred more than 2 years before the start of the relevant 13-week period;

but this is subject to paragraph (6).

(4)

Where, in the case of a particular registered pension scheme other than the flexed scheme, the individual is not an accruing member of that other scheme on the first day of the relevant 13-week period but becomes an accruing member of that other scheme on a day ( “ the activation day ”) after the first day of that period, the individual must, before the end of the 91 days beginning with the activation day, inform the scheme administrator of that other scheme—

(a)

of the conversion, and

(b)

of the F8first flexi-access date or (if applicable) of the first flexi-access having occurred more than 2 years before the activation day;

but this is subject to paragraphs (5) and (6).

(5)

Paragraph (4) does not apply in connection with the individual becoming an accruing member of any particular scheme if the individual becomes an accruing member of that scheme upon or after becoming a member of that scheme as a result of a recognised transfer after the conversion date.

(6)

Paragraph (3) or (4), as the case may be, does not require the information concerned to be provided to the scheme administrator of a particular scheme if the individual has complied with regulation 14ZB(3) or (4) or 14ZD(3) or (4), F9or has complied with regulation 3AB(2) or (3) of the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006, or has previously complied with paragraph (3) or (4), in relation to the scheme administrator of that scheme.

(7)

For the purposes of this regulation, the individual is an accruing member of a registered pension scheme on any particular day if—

(a)

the individual is an active member of the scheme on that day as a result of there presently being arrangements for the accrual of benefits to or in respect of the individual under a cash balance arrangement or hybrid arrangement, or

(b)

a relevant contribution is made under the scheme on that day.

(8)

For the purposes of this regulation, a relevant contribution is made under a registered pension scheme if—

(a)

a relievable pension contribution is paid by or on behalf of the individual under a non-cash-balance money purchase arrangement relating to the individual under the scheme,

(b)

a contribution is paid in respect of the individual by an employer of the individual under a non-cash-balance money purchase arrangement relating to the individual under the scheme, or

(c)

a contribution—

(i)

paid under the scheme by an employer of the individual, and

(ii)

paid otherwise than in respect of any individual,

becomes held for the purposes of a non-cash-balance money purchase arrangement relating to the individual under the scheme;

and in this paragraph “non-cash-balance money purchase arrangement” means a money purchase arrangement other than a cash balance arrangement.

Annotations

Textual amendments

F1

Regs. 14ZA-14ZE inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 paras. 87, 91(a) (with Sch. 1 para. 91(b))

F2

Word in reg. 14ZE(1)(a) omitted (with effect in accordance with reg. 1(4) of the amending S.I.) by virtue of The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(b)

F3

Reg. 14ZE(1)(b) inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(b)

F4

Reg. 14ZE(1)(b) renumbered as reg. 14ZE(1)(c) (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(c)

F5

Words in reg. 14ZE(1)(c) substituted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(c)

F6

Words in reg. 14ZE(2)(a) substituted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(d)

F7

Words in reg. 14ZE(3)(b) substituted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(e)

F8

Words in reg. 14ZE(4)(b) substituted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(f)

F9

Words in reg. 14ZE(6) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment No. 2) Regulations 2015 (S.I. 2015/1455), regs. 1(1)(2), 10

F10

Words in reg. 14ZE heading inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2015 (S.I. 2015/606), regs. 1(1), 9(a)