Statement issued 2 July 2010

Pension Schemes Newsletter 44 issued 22 December 2010

Draft regulations issued 27 January 2011.  

Regulations in force on 6 April 2011 The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2011/733

The Registered Pension Schemes (Transitional Provisions) (Amendment) Order 2011/732

Regulations will remove the unauthorised payments charge on transfers of a scheme pension in payment, lifetime annuity, short term annuity or assets underpinning an unsecured pension in respect of an individual aged 50 to 55. In the meantime, administrators may act in accordance with the HMRC statement as if regulations were already in force.

Following consultation, the Government decided that the new legislation should also cover situations where the individual buys a scheme pension or an annuity using funds from an unsecured pension fund.