The Registered Pension Schemes (Block Transfers) (Permitted Membership Period) Regulations 2006

• Citation: S.I. 2006/498
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Registered Pension Schemes (Block Transfers) (Permitted Membership Period) Regulations 2006, and shall come into force on 6th April 2006.

Section 2 Permitted membership period for block transfers

(1) For the purposes of paragraph (b) of paragraph 22(6) of Schedule 36 to the Finance Act 2004 the period prescribed is a period of twelve months ending with the date on which the transfer is made.

(2) But in calculating that period of twelve months, any period before 6th April 2006 is ignored if conditions A and B are met.

(3) Condition A is that immediately before 6th April 2006 the member was a member of a personal pension scheme approved under Chapter 4 of Part 14 of the Income and Corporation Taxes Act 1988 (personal pension schemes).

(4) Condition B is that the member’s rights under that scheme consist solely of rights referable to either or both of the following—

(a) amounts paid under the provisions mentioned in section 188(3)(c) of the Finance Act 2004;

(b) payments under the provisions mentioned in paragraph 14(2) of Schedule 36 to that Act .