Article 23 Amendment of the Income Tax (Pension Funds Pooling Schemes) Regulations 1996

(1)

The Income Tax (Pension Funds Pooling Schemes) Regulations 1996^f1 are amended as follows.

(2)

In regulation 2 (interpretation)—

(a)

in paragraph (1)—

(i)

in the definition of “employee” and “employer” substitute—

““employee” and “employer” have the meaning given in section 279(1) of the Finance Act 2004);”;

(ii)

for the definition of “overseas scheme” substitute—

““recognised overseas pension scheme” has the meaning given in section 150(8) of the 2004 Act;”;

(iii)

omit the definitions of “retirement benefits scheme” and “scheme”;

(iv)

after the definition of “pension funds pooling scheme” insert—

““registered pension scheme” in section 150(2) of the 2004 Act, (for the purpose of these Regulations), must also be an “occupational pension scheme” within the meaning of section 150(5) of that Act;”;

(v)

after the definition of “pension funds pooling scheme” insert—

““pension scheme” has the meaning given by section 150(1) of the 2004 Act;”; and

(vi)

after the definition of “1992 Act” insert—

““2004 Act” means the Finance Act 2004.”;

(b)

omit paragraph (2); and

(c)

in paragraphs (4)^f2 and (5) for “an exempt approved scheme” wherever it appears substitute “a registered pension scheme”.

(3)

In regulations 2(4), 2(5)(c), 4(3)(a)(iii) (description of a pension funds pooling scheme), 9(4)(b) (duties of trustee of a pension funds pooling scheme—participants ceasing to be eligible to participate), 9(5)(d)(ii), 9(7), 11(3) (duties of trustee of a pension funds pooling scheme—annual provision of information ), 11(4), 11(5) and 11(5)(b) for “an overseas scheme” wherever those words appear substitute “a recognised overseas pension scheme”.

(4)

In regulation 4(3)(a)(i) (description of a pension funds pooling scheme) for “an exempt approved scheme” substitute “a registered pension scheme”.

(5)

In regulation 7 (approval of participants)—

(a)

in paragraph (1) omit “or (4)”;

(b)

in paragraph (2) for “an exempt approved scheme” substitute “a registered pension scheme”;

(c)

in paragraph (3)—

(i)

for the words “an overseas scheme other than a scheme falling within paragraph (4) below” substitute “a recognised overseas pension scheme”;

(ii)

for sub-paragraphs (f) and (g) substitute—

“(f)

either—

(i)

evidence demonstrating that the scheme fulfils the requirements set out in regulations 2 and 3 of the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006^f3; or

(ii)

in respect of information which has already been provided in accordance with section 169 of the Finance Act 2004 (recognised transfers)^f4 to an officer of Her Majesty’s Revenue and Customs, notification of any reference used by an officer of Her Majesty’s Revenue and Customs in respect of that information;” and

(iii)

omit sub-paragraphs (h) to (o);

(d)

omit paragraph (4); and

(e)

for paragraph (6)(b) substitute—

“(b)

in the case of a superannuation fund which is before the Board for the purposes referred to in regulation 2(3)(b).”.

(6)

In regulation 9—

(a)

in paragraphs (2), (4)(a), (5)(b), (5)(d)(i), (12) and 11(2) and (5) for “an exempt approved scheme” wherever those words appear substitute “a registered pension scheme”; and

(b)

in paragraph (7) omit the words “(whether or not the participant is an overseas scheme to which regulation 7(4) applies)”.

(7)

In regulation 11(3)(b) and (4)(a) for “(g) and, where the scheme is not one to which regulation 7(4) applies, sub-paragraphs (h) to (o)” substitute “(f)”.

Annotations

Footnotes

f1: S.I. 1996/1585.
f2: Regulation 2(4) was amended by article 145(3) of S.I. 2001/3629.
f3: S.I. 2006/206.
f4: Section 169 is amended by paragraphs 1 and 36 of Schedule 1 in section 101 of the Finance Act 2005 (c. 7).