Paragraph 85

In section 164 of FA 2004 (authorised payments) after subsection (2) insert—

“(3)

The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision—

(a)

having the effect that the making of a prescribed authorised payment does not (directly or indirectly) result in an individual first flexibly accessing pension rights for the purposes of sections 227B to 227F,

(b)

having the effect that the making of a prescribed authorised payment is not a relevant withdrawal for the purposes of section 579CA of ITEPA 2003, and

(c)

having the effect that the making of a prescribed payment by a pension scheme that is not a registered pension scheme, where the payment would be an authorised payment if the scheme were a registered pension scheme, is not a relevant withdrawal for the purposes of section 576A of ITEPA 2003.

(4)

In subsection (3)—

• “authorised payment” means a payment specified in subsection (1), and

• “prescribed” means prescribed in regulations under subsection (3).”