The Taxation of Pension Schemes (Transitional Provisions) Order 2006

S.I. 2006/572 · Made 9 March 2006 · Extends to United Kingdom

Contents

1. 1Citation and commencement
2. 2Payments made from annuities
3. 3Commencement provisions for unsecured pension funds
4. 4Modification of section 165
5. 5Modification of Schedule 28
6. 5AReduction in rate of pension
7. 6Transitional protection for continued life cover (75+)
8. 7Modification of Chapter 15A of ITEPA 2003
9. 8Modification of section 168 and Schedule 29
10. 9Valuation of “primary protection” – compensation for poorly performing investments
11. 10Modification of section 212
12. 11Modification of paragraph 8 of Schedule 36
13. 12“Primary protection” and non residents
14. 13Modification of paragraph 20C of Schedule 36
15. 14Modification of paragraph 20D of Schedule 36
16. 15Employers or employees with pre-commencement entitlement to corresponding relief
17. 16Modification of section 245
18. 17Application of 308A ITEPA 2003
19. 18“Enhanced protection” and pension commencement lump sums
20. 19Pre-commencement pension and calculation of the “permitted maximum” pension commencement lump sum Repealed
21. 20Pre-commencement lump sum death benefits
22. 21Transfers and entitlement to lump sums exceeding 25% of uncrystallised rights
23. 22Modification of paragraph 31 of Schedule 36 Repealed
24. 23Modification of paragraph 34 of Schedule 36
25. 23ZAPension commencement lump sums where no pension is paid before death
26. 23ZBPension commencement lump sums and multiple pensions
27. 23ZCIndividual becomes entitled to the pensions
28. 23ZDIndividual dies before becoming entitled to any of the pensions
29. 23ZEIndividual dies after becoming entitled to at least one but not all of the pensions
30. 23AModification of trivial commutation lump sum rules
31. 23BArticle 23B
32. 23CArticle 23C
33. 23DArticle 23D
34. 24Dependant’s scheme pension limit
35. 25Stand-alone lump sums: introductory and definition
36. 25AConditions to be met by stand-alone lump sums
37. 25BCircumstances in which stand-alone lump sums are paid
38. 25CPayment of stand-alone lump sums: tax consequences
39. 25CACircumstance A: tax treatment of stand-alone lump sums
40. 25CBCircumstance B: tax treatment of stand-alone lump sums
41. 25CCCircumstance C: tax treatment of stand-alone lump sums
42. 25DStand-alone lump sums: further provisions
43. 26Application of paragraph 31 of Schedule 36 Repealed
44. 27Contracts approved under section 621(1)(b) of ICTA
45. 28Pre-existing entitlement to lump sums and deferment
46. 29Member’s unsecured pension funds
47. 29AMember’s unsecured pension funds – further provisions
48. 30Dependant’s unsecured pension funds
49. 31Individuals over the age of 75 and alternatively secured pension funds
50. 32Dependant’s alternatively secured pension funds
51. 33Serious ill-health lump sums, pension protection lump sum death benefits and annuity protection lump sum death benefits
52. 34Payments to children aged 23 or over
53. 34APayments to financially dependent children aged 23 or over
54. 34BMeaning of “qualifying transferee scheme”
55. 35Enhanced protection and transfers made in connection with the winding up of a pension scheme
56. 36Transfer of crystallised rights with enhanced protection
57. 37Modification of section 637G ITEPA 2003
58. 38Lump sum payments — general Repealed
59. 39Lump sums — serious ill-health Repealed
60. 40Lump sum death benefits— death of member
61. 41Lump sum death benefits — death of a dependant
62. 42Protected pension age and multiple pensions
63. 43Protected pension age and multiple pensions - member dies before receiving all pensions
64. 44Normal minimum pension age – modification of section 165 (payment of pension rules) Repealed
65. 45Normal minimum pension age – modification of paragraph 1 of Schedule 29 (lump sum rule) Repealed
66. Signature
67. Explanatory note