The government has published two new sets of regulations making minor amendments to the pensions tax simplification regime:
- The Registered Pension Schemes (Authorised Member Payments) Regulations 2007
These regulations provide that a payment made by a registered pension scheme to or in respect of a person who is or has been a member of the pension scheme and which: (i) is part of a reattribution of the inherited estate of a person who carries on with-profits business and is made or sanctioned by a court of competent jurisdiction; (ii) is made to or in respect of the registered pension scheme’s with-profits policyholders in exchange for giving up rights and interests over the inherited estate; and (iii) does not reduce the total value of the sums and assets held for the purposes of the registered pension scheme, is an authorised member payment for the purposes of the Finance Act 2004 and is not subject to tax on unauthorised member payments.
- The Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) (Amendment) Regulations 2007
These Regulations make minor amendments to the Registered Pension Schemes (Meaning of Pension Commencement Lump Sum) Regulations 2006. They are consequential amendments required as a result of changes to the Finance Act 2004 made by the Finance Act 2007.
View theRegistered Pension Schemes (Authorised Member Payments) Regulations 2007 (44KB) (.pdf)