The Registered Pension Schemes (Authorised Member Payments) Regulations 2007

• Citation: S.I. 2007/3532
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Registered Pension Schemes (Authorised Member Payments) Regulations 2007 and shall come into force on 7th January 2008.

Section 2 Prescribed authorised member payment relating to inherited estate on reattribution

(1) For the purposes of section 164(f) of the Finance Act 2004 (authorised member payments) 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 is of a description that is prescribed if the payment meets conditions A, B and C.

(2) Condition A is that the payment is made as part of a scheme which—

(a) makes a reattribution of the inherited estate of a person who carries on with-profits business, and

(b) is made or sanctioned by a court of competent jurisdiction.

(3) Condition B is that the payment 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.

(4) Condition C is that the payment does not reduce the total value of the sums and assets held for the purposes of the registered pension scheme.

(5) In this regulation—

“inherited estate” has the same meaning as in the Conduct of Business sourcebook issued by the Financial Services Authority ;

a “reattribution” means a redefinition of rights and interests of the with-profits policyholders mentioned in paragraph (3) over the inherited estate; and

“with-profits business” has the same meaning as in the Conduct of Business sourcebook issued by the Financial Services Authority.