{
  "url": "https://openlegislation.uk/registered-pension-schemes-relevant-annuities-amendment-regulations-2012/note",
  "json_url": "https://openlegislation.uk/registered-pension-schemes-relevant-annuities-amendment-regulations-2012/note.json",
  "legislation": "uksi/2012/2940",
  "legislation_title": "The Registered Pension Schemes (Relevant Annuities) (Amendment) Regulations 2012",
  "legislation_url": "https://openlegislation.uk/registered-pension-schemes-relevant-annuities-amendment-regulations-2012",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Registered Pension Schemes (Relevant Annuities) Regulations 2006 (the “2006 Regulations”). The 2006 Regulations provide definitions for the terms “relevant annuity” and “annual amount” for the purposes of calculating the “basis amount” referred to in sections 165 and 167 of the Finance Act 2004 (“FA 2004”).\nRegulation 1 provides for the citation, commencement, interpretation and effect. These Regulations have retrospective effect where, in accordance with Schedule 28 to FA 2004, pension schemes and insurers can calculate the “annual amount” of a “relevant annuity” in advance for “reference periods” and “drawdown pension years” starting on or after the date these Regulations come into force. Power to make legislation with retrospective effect is contained in section 282(A1) of FA 2004, which allows regulations made under FA 2004 (including under Schedule 28) to include provision having effect in relation to times before they are made if that provision does not increase any person’s liability to tax.\nRegulation 2 makes two amendments to the 2006 Regulations. Firstly regulation 2(2) amends regulation 3(1) of the 2006 Regulations so as to change the assumption about the sex of the hypothetical purchaser of the “relevant annuity” to assume that all such purchasers are male, instead of the same sex as the relevant pension scheme member or dependant. This change means that only the male tables, published for this purpose by the Government Actuary’s Department, will be used for individuals aged 23 and over (the single table for those aged under 23 will continue to be used for that age group).\nThe opportunity is also taken to make a minor technical amendment to regulation 3(2) to make it clear that the “relevant date” in relation to a second or subsequent “reference period” is the “nominated date” as defined in paragraphs 10(3) and 24(3) of Schedule 28 to FA 2004.\nA Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2012/2940/note",
    "retrieved_at": "2026-10-29T01:12:25.687769+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."
}