{
  "url": "https://openlegislation.uk/taxation-of-pension-schemes-transitional-provisions-amendment-no2-order-2011/note",
  "json_url": "https://openlegislation.uk/taxation-of-pension-schemes-transitional-provisions-amendment-no2-order-2011/note.json",
  "legislation": "uksi/2011/1782",
  "legislation_title": "The Taxation of Pension Schemes (Transitional Provisions) (Amendment) (No.2) Order 2011",
  "legislation_url": "https://openlegislation.uk/taxation-of-pension-schemes-transitional-provisions-amendment-no2-order-2011",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order amends the Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), in consequence of the amendments made to the Finance Act 2004 (“FA 2004”) by the Finance Act 2011 (“FA 2011”).\nSchedule 18 to FA 2011 reduces the standard lifetime allowance from £1.8M to £1.5M with effect from 6 April 2012. The amendments contained in article 2(2) are consequential on this provision and have effect from 6 April 2012. The opportunity is also taken to rectify a typographical error contained in article 23(2).\nSchedule 16 to FA 2011 amends FA 2004 so as to remove the requirement to purchase an annuity at age 75 with effect from 6 April 2011. The amendments contained in article 2(3), (4) and (5) are consequential on this provision and have retrospective effect from 6 April 2011 pursuant to the powers contained in sections 282(A1) of FA 2004.\nA Tax Information and Impact Note covering this instrument was published on 9 December 2010 alongside draft legislation for the Finance (No.3) Bill 2011 concerning the restriction of pensions tax relief. This was updated on 3 March 2011 to reflect further decisions relating to the restriction of pensions tax relief. A separate Tax Information and Impact Note covering the removal of the effective requirement to annuitise by age 75 was published on 9 December 2010. Both TIINs are available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm. They each remain an accurate summary of the impacts of this instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/1782/note",
    "retrieved_at": "2026-10-29T02:01:04.302242+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."
}