The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2011

• Citation: S.I. 2011/733
• Sections: 6

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2011 and shall come into force on 6th April 2011.

(2) These Regulations shall have effect from 6th April 2010.

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

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

Section 3 Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006

(1) Regulation 4 (scheme pension payable by insurance company) is amended as follows.

(2) In Table 1 (prescribed purposes – scheme pensions) above the entry relating to section 216(1), benefit crystallisation event 2 insert—

Section 4 Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006

(1) Regulation 6(2) (lifetime annuity – unauthorised payments and prescribed purposes) is amended as follows.

(2) In Table 2 (prescribed purposes – lifetime annuities) above the entry relating to section 172A (surrender) insert the following—

Section 5 Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006

For regulation 7 (short-term annuity – unauthorised payments) substitute—

Short–term annuity – unauthorised payments

(7)

(1) In any case within paragraph 6(1B) of Schedule 28 (transfer of sums and assets on cessation of short-term annuity) except where a new short-term annuity becomes payable, the relevant registered pension scheme is to be treated as making an unauthorised payment to the member of an amount equal to the aggregate of the amount of the sums and the market value of the assets transferred.

(2) In any case within paragraph 6(1B) where a new short-term annuity becomes payable, the new short-term annuity is to be treated as if it were the original short-term annuity for the purposes prescribed in paragraph (3).

(3) The prescribed purposes are to determine, in relation to pension rule 1 in section 165(1), whether the individual has reached the normal minimum pension age by reference to the day on which the original short-term annuity was first paid.

Section 6 Amendment of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006

(1) Regulation 12(2) (unsecured pension fund, alternatively secured pension fund, dependants’ unsecured pension fund and dependants’ alternatively secured pension fund – recognised transfers and prescribed purposes) is amended as follows.

(2) In Table 3 (prescribed purposes – unsecured pension fund) above the entry relating to section 216(1), benefit crystallisation event 1 insert—