The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2008

• Citation: S.I. 2008/1946
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2008 and shall come into force on 1st November 2008.

(2) These Regulations have effect in relation to surrenders of and agreements to surrender rights to payments under lifetime annuities or dependants’ annuities made on or after 10th October 2007.

(3) Expressions used in paragraph (2) shall be construed in accordance with section 172A of the Finance Act 2004 .

Section 2 Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006

(1) The Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 are amended as follows.

(2) In regulation 6, before the first entry in table 2, insert—

(3) For regulation 10 substitute—

Dependants’ annuity - unauthorised payments

(10)

(1) In any case within paragraph 17(3) of Schedule 28 (transfer of sums or assets on cessation of dependants’ annuity) where a new dependants’ annuity becomes payable, the new dependants’ annuity is to be treated as if it were the original dependants’ annuity for the purposes of Part 4 prescribed in table 2A to the extent that the amount of the sums and the value of the assets applied to purchase the new dependants’ annuity are equal to the amount of the sums and the value of the assets transferred.

(2) In any other case within paragraph 17(3), except where a new dependants’ annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment in respect of the member of an amount equal to the aggregate of the amount of the sums and the market value of the assets transferred.