The Registered Pension Schemes (Authorised Payments) (Amendment) Regulations 2012

• Citation: S.I. 2012/522
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Registered Pension Schemes (Authorised Payments) (Amendment) Regulations 2012 and shall come into force on 6th April 2012.

(2) These Regulations shall have effect in relation to payments made on or after 6th April 2012.

Section 2 Amendment of the Registered Pension Schemes (Authorised Payments) Regulations 2009

(1) The Registered Pension Schemes (Authorised Payments) Regulations 2009 are amended as follows.

(2) After regulation 11 (De minimis rule for pension schemes), insert—

(11A)

(1) A payment to a member by a pension scheme which is not a public service pension scheme or an occupational pension scheme in respect of an arrangement under that scheme if—

(a) the member has reached the age of 60;

(b) the payment does not exceed £2,000;

(c) the payment extinguishes the member’s entitlement to benefits under the arrangement; and

(d) the condition in paragraph (2) is satisfied.

(2) The condition is that the member has not previously received more than one payment under this regulation.