# The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2015, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 (S.I. 2006/499) (“the 2006 Regulations”) to reflect the pension flexibilities introduced by the Taxation of Pensions Act 2014 (c. 30).
Paragraph 3 inserts new regulations 13 to 18 into the 2006 Regulations.
New regulation 13 specifies the circumstances in which, following a transfer of sums or assets on the cessation of a lifetime annuity, the new lifetime annuity will not be a lifetime annuity for the purposes of Part 4 of the Finance Act 2004 (c. 12). New regulations 14, 15 and 16 make similar provision in respect of short-term annuities, dependants’ annuities and dependants’ short-term annuities.
New regulation 17 provides that where a nominees’ short-term annuity ceases to be paid on a transfer of sums or assets, the transfer is treated as an unauthorised payment except where a new nominees’ short-term annuity becomes payable. New regulation 18 makes similar provision in respect of successors’ short-term annuities.
An updated Tax Information and Impact Note was published on 10th December 2014 alongside the Taxation of Pensions Act 2014 and is available on the government website at https://www.gov.uk/government/publications/pension-flexibility-2015 . It remains an accurate summary of the impacts that apply to this instrument.

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Source: https://www.legislation.gov.uk/uksi/2015/633/note (the official version)
Page: https://openlegislation.uk/registered-pension-schemes-transfer-of-sums-and-assets-amendment-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.