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ANNUITIES: Annuities Tax, Annuities Taxation


Pensions and Annuities Tax Research:

List of Instruments laid

Published Statutory Instruments

No. 3448 

The Registered Pension Schemes (Relief at Source) Regulations 2005

These regulations make provision for relief from tax on payments made to scheme administrators of registered pension schemes. There are two main methods of delivering tax relief in respect of an individual’s pension contributions: net pay, where the contribution is deducted from an individual’s remuneration before tax is charged, and relief at source, which is what these regulations provide for. Under relief at source, a pension contribution is made net of basic rate tax. The basic rate tax is then paid by the Government to the pension scheme and any higher rate tax relief is claimed by the individual. These regulations make various detailed provisions for the operation of Relief at Source in relation to contributions into registered pensions schemes, including; (a) Information to be given to the scheme administrator (b) Declaration that the relevant individual is entitled to tax relief (c) Declaration about accuracy of information and (d) Penalty provisions for recovery of amounts payable to HM Revenue and Customs (“Revenue and Customs”). No. 3449 The Registered Pension Schemes (Prescribed Interest Rates for Authorised Employer Loans) Regulations 2005 These regulations prescribe the rate of interest payable on a loan made by a registered pension scheme to a sponsoring employer. Under the new simplified regime, registered schemes will be able to make loans to a sponsoring employer of the scheme, provided the employer pays at least a commercial rate of interest on the loan. These regulations make provision about the minimum rate of interest required to be paid. No. 3450 The Registered Pension Schemes (Minimum Contributions) Regulations 2005 HMRC are required to pay a minimum contribution out of the National Insurance Fund (or the Northern Ireland equivalent) where an employed individual holds an appropriate personal pension scheme and has contracted out of the State Second Pension. Section 202 FA2004 maintains existing tax treatment of these payments into the individual’s registered pension scheme. These regulations supplement the provisions of section 202 so that Revenue and Customs may recover amounts representing basic rate tax in respect of minimum contributions they were not required to pay. No. 3451 The Registered Pension Schemes (Prescribed Schemes and Occupations) Regulations 2005 These regulations list the prescribed pension schemes and occupations whose members can preserve their full entitlement to benefits, including retirement before normal minimum retirement age, in the event that they take such benefits after 6 April 2006 but before they reach normal minimum pension age. No. 3452 The Registered Pension Schemes (Discharge of Liabilities under Sections 267 and 268 of The Finance Act 2004) Regulations 2005 These regulations make supplementary provisions to sections 267 and 268 of the Finance Act 2004 in connection with applications by scheme administrators of a registered pension scheme to be discharged from; (a) a lifetime allowance charge, (b) an unauthorised payment charge and/or (c) a scheme sanction charge. The regulations specify the time limits by which an application may be made and require the application to set out the grounds relied upon. No. 3453 The Employer-Financed Retirement Benefit Schemes (Provision of Information) Regulations 2005 These regulations set out the prescribed information that must be supplied to Revenue and Customs by administrators of employer-financed retirement benefit schemes. These are schemes that are not registered pension schemes and the regulations require the scheme administrators to notify Revenue and customs within certain time limits of: (a) when a scheme first comes into operation; and (b) to supply details of the relevant benefits provided to recipients during the year of assessment. No. 3454 The Registered Pension Schemes (Accounting and Assessment) Regulations 2005 These regulations make provision in relation to the making of assessments and related matters with charges to tax under Part 4 of FA 2004. Under the new regime, there will be occasions when the scheme administrator of a registered pension scheme will have to account to Revenue and Customs for tax. These regulations prescribe those occasions and the particulars to be reported. The tax will be due without the making of an assessment but if the incorrect tax has been paid, Revenue and Customs may make assessments. These regulations provide for: (a) the making of assessments and the person assessable, (b) the right of appeal against any assessment, (b) interest to be charged for tax which is not paid on or before the due date, (d) scheme administrators to make amended returns if they discover an error has been made, and (e) adjustment of, and repayment and interest on, tax overpaid. No. 3455 The Registered Pension Schemes and Employer-Financed Retirement Benefits Schemes (Information) (Prescribed Descriptions of Persons) Regulations 2005 To ensure compliance with the legislation there will be times when Revenue and Customs will need to examine the records of pension schemes in detail. These regulations describe the persons to whom an officer of Revenue and Customs may give a notice requiring the production of documents and information about registered pension schemes and employer-financed retirement benefit schemes. No. 3456 The Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005 These regulations prescribe the persons who may audit the accounts of a registered pension scheme. Revenue and Customs may serve a notice requiring the scheme administrator of a registered pension scheme to make or deliver specified information or audited accounts. Audited accounts means audited by a person of a description specified in regulations. These regulations prescribe, with some exceptions, those persons as being those eligible as scheme auditors under the Companies Act 1989 or Companies (Northern Ireland) Order 1990 and professional advisers eligible as a scheme auditor under the Pensions Act 1995 or the Pensions (Northern Ireland) Order 1995. No. 3457 The Taxes Management Act 1970 (Modifications to Schedule 3 for Pension Scheme Appeals) Order 2005 This Order makes modifications to the Taxes Management Act 1970 (TMA) in respect of appeals to the General Commissioners by scheme administrators. Under the new legislation, the liability attaching to a pension scheme will actually be charged on an individual known as the scheme administrator. Under paragraph 2 of Schedule 3 of the TMA, an appeal may be heard in the taxpayer’s place of: (a) residence, (b) business or (c) employment. This choice suits the vast majority of taxpayers, but for scheme administrators it may be unreasonably restrictive. These regulations ensure that the scheme administrator, and those liable as scheme administrators, is be able to elect for the appeal to be heard at the places listed in Paragraph 2 of TMA or a further place, to be one of: (a) the place in the United Kingdom where the administration of the pension scheme is carried out; (b) the place in the United Kingdom where a sponsoring employer carries on its trade or business; or (c) the place in the United Kingdom which is the place of residence of a trustee of any trust that comprises the pension scheme. No. 3458 The Registered Pension Schemes (Restriction of Employers’ Relief) Regulations 2005 These regulations restrict in certain circumstances the extent to which contributions paid by an employer under a registered pension scheme in respect of an individual are subject to tax relief. Finance Act 2004 restricts relief on employer contributions to a pension scheme so that a deduction is allowed at the time of the contribution only where the contribution is to a registered pension scheme. For unregistered schemes the deduction is deferred until the benefit is paid out to the employee. Finance Act 2005 introduced a measure to prevent this rule being circumvented by routing the funding for an unregistered scheme through a registered scheme. These regulations set out the extent to which contributions may be restricted for tax relief. No. 129 The Registered Pension Schemes (Relevant Annuities) Regulations 2006 These Regulations provide definitions of the terms “relevant annuity” and “annual amount” that are relevant in calculating the “basis amount” used for the application of the annual pension payment on the level of unsecured pension and alternatively secured pension that can be drawn from a money purchase arrangement. The Regulations also provide that the calculation of the annual rate of relevant annuity is done in accordance with tables prepared by the Government’s Actuary’s Department. No. 130 The Registered Pension Schemes (Uprating Percentages for Defined Benefits Arrangements and Enhanced Protection Limits) Regulations 2006 The pension scheme legislation in Part 4 of the Finance Act 2004 tests annual contributions and benefit enhancements and, where an annual allowance is exceeded, applies an annual allowance charge. Additionally retirement benefits accrued under the current pensions tax regime are protected from the limits and tax charges in the new pensions tax regime provided no contribution or benefit enhancement occurs after 6 April 2006 (this is know as “enhanced protection”). These regulations prevent statutory increases under social security legislation from either triggering the annual allowance charge or invalidating enhanced protection. No. 131 The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 The pension scheme legislation includes provision that an individual has a lifetime allowance on the amount of pension savings that may benefit from tax relief. Enactments in the legislation that provide for an enhanced lifetime allowance specify that the enactment in question only applies if notice of intention to rely on it is given in accordance with regulations. These regulations contain provisions that enable an individual to rely on enactments providing for an enhanced lifetime allowance. No. 132 The Armed Forces and Reserve Forces (Compensation Scheme) (Excluded Benefits for Tax Purposes) Regulations 2006 The tax regime governing the Armed Forces Compensation Scheme exempts to income tax benefits payable under the scheme. The provisions that will apply from 6 April 2006 to employer-financed retirement benefit schemes, which are schemes that are not registered pension schemes, mean that some benefits from the Armed Forces Compensation Scheme would be taxable. These regulations ensure that benefits paid from the Armed Forces Compensation Scheme from 6 April 2006 are “excluded benefits” and are therefore not subject to income tax. No. 133 The Registered Pension Schemes (Co-ownership of Living Accommodation) Regulations 2006 The Chancellor announced in his 2006 Pre Budget Report that the Government would remove tax advantages for self-directed pension schemes investing in residential property. However, certain self-directed pension schemes, primarily some small self-administered schemes (SSASs) set up pre 1991 and certain retirement annuity schemes (RACs) have the ability to invest in residential property under current rules. Transitional protection will be extended to allow these particular schemes to continue to hold residential property in their asset portfolio under the new regime, subject to certain restrictions. Because such schemes, and other, non-self-directed schemes, may continue to both hold residential property under the new pensions tax regime and provide benefits for members in respect of that property, the legislation relating to member benefits, of which these Regulations are a part, remains in place. These Regulations apply where living accommodation is owned partly by a registered pension scheme and partly by other persons. The regulations provide for a charge to income tax to arise in certain circumstances. If these regulations apply, “the living accommodation benefit” arises. The amount of the benefit apportioned on the individual is calculated in the same way as a taxable benefit is calculated under Chapter 5 of Part 3 of the Income Tax (Employments and Pensions) Act 2003. This is referred to as “the private owner’s benefit”. The amount of the benefit apportioned to the registered pension scheme is treated as an unauthorised payment, and is referred to as “the pension scheme owner’s benefit”. No. 134 The Registered Pension Schemes (Authorised Payments) (Transfers to the Pensions Protection Fund) Regulations 2006 Where the sponsoring employer of a registered pension scheme has become insolvent, the property, rights and liabilities of that scheme may be transferred to the Pension Protection Fund (under provisions in the Pensions Act 2004). These Regulations provide that such transfers are treated as “authorised member payments” and so won't trigger any tax charge. No. 135 The Registered Pension Schemes (Meaning of Pension Commencement Lump Sums) Regulations 2006 These Regulations prescribe the circumstances that a lump sum may be treated as a pension commencement lump sum even though it is not paid within the period of three months beginning with the day the member became entitled, or it is paid when the member has reached the age of 75 (or both). The circumstances are where there has been an overpayment of tax on the lifetime allowance charge which is refunded by Her Majesty's Revenue and Customs to the scheme and the scheme administrator pays part or all of the overpayment to the member. No. 136 The Pension Benefits (Insurance Company Liable as Scheme Administrator) Regulations 2006 These Regulations provide that where an insurance company makes a payment of a lump sum death benefit that is a; (a) Pension protection lump sum death benefit; (b) Annuity protection lump sum death benefit or (c) Unsecured pension fund lump sum death benefit, The insurance company is treated as the scheme administrator and as such is liable to the special lump sum death benefits charge, and making returns of the liability. No. 137 The Registered Pension Schemes (Authorised Member Payments) Regulations 2006 These Regulations prescribe as an authorised member payment, a payment made by an insurance company to a member of a registered pension scheme which is neither an occupational pension scheme nor a public service pension scheme, or the holder of a qualifying annuity contract, in connection with the company’s demutualisation and satisfies the following conditions, (a) The payment is made in compensation for the loss of the member’s rights as a member of the company and (b) It is made without a reduction in the total value of the sums and assets held for the purposes of the personal pension scheme, or the value or amount of the annuity. No. 138 The Registered Pension Schemes (Reduction in Pension Rates) Regulations 2006 These Regulations make supplementary provisions to sub-paragraph 2(3) of Schedule 28 of the Finance Act 2004 that provides the conditions that: (a) a pension is payable until the later of member's death or the end of a term not exceeding ten years; and (b) the rate of pension payable in respect of any relevant 12 month period is not less than the rate payable in respect of the previous 12 month period. These Regulations provide further circumstances in which members’ scheme pensions may be stopped or reduced. No. 206 The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 An overseas pension scheme is a bona fide non-UK pension scheme. Contributions to a scheme which meets the definition of an “overseas pension scheme” may be eligible for UK tax relief. So tax relief will be available for example where foreign workers come to work in the UK and continue to make contributions to their home schemes. And if a non-UK scheme meets the definition of a “recognised overseas pension scheme” this will allow a transfer of a member’s rights to it from a registered pension scheme. These Regulations prescribe the requirements, which must be satisfied to enable a pension scheme to be— (a) an overseas pension scheme, and (b) a recognised overseas pension scheme, for the purposes of Part 4 of the Finance Act 2004. No. 207 The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulation 2006 A scheme is a relevant non-UK scheme if— (a) relief from tax has been given in respect of contributions paid under the scheme by virtue of the legislation and the relief has been given at any time after 5th April 2006 by double tax arrangements, (b) a member or members of the scheme have been exempt from income tax by virtue of section 307 of Income Tax (Earnings and Pensions) Act 2003 at any time after 5th April 2006 when the scheme was an overseas pension scheme, or (c) there has been a relevant transfer at any time after 5th April 2006 when the scheme was a qualifying recognised overseas pension scheme. These Regulations serve two purposes— (a) to provide a method of computing the amount to be charged to UK tax in respect of a payment by a relevant non-UK pension scheme; and (b) to modify the provisions of Part 4 of the Finance Act 2004 (“the Act”) to ensure that the new regime for registered pension schemes works in the context of relevant non-UK schemes. No. 208 The Pension Schemes (Information Requirements – Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes And Corresponding Relief) Regulations 2006 An overseas pension scheme is a bona fide non-UK pension scheme. Contributions to a scheme which meets the definition of an “overseas pension scheme” may be eligible for UK tax relief. So tax relief will be available for example where foreign workers come to work in the UK and continue to make contributions to their home schemes. And if a non-UK scheme meets the definition of a “recognised overseas pension scheme” this will allow a transfer of a member’s rights to it from a registered pension scheme. These Regulations prescribe the information which— (a) a qualifying overseas pension scheme, and (b) a qualifying recognised overseas pension scheme must undertake to provide to Her Majesty's Revenue and Customs, and the time limits by which the information must be provided. No. 209 The Registered Pension Scheme (Authorised Payments) Regulations 2006 Section 164 of the Finance Act 2004 lists the payments which a registered pension scheme is authorised to make to or in respect of a member of the pension scheme. It also provides for regulations to be made which may prescribe additional categories of authorised payment. These Regulations prescribe as authorised member payments— (a) lump sum payments arising from the commutation of equivalent pension benefits pursuant to the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997, or the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997, and (b) payments of state scheme premiums pursuant to section 55 of the Pension Schemes Act 1993, or section 51 of the Pension Schemes (Northern Ireland) Act 1993. No. 210 The Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) Regulations 2006 The tax provisions that will apply from 6 April 2006 to employer-financed retirement benefit schemes, which are schemes that are not registered pension schemes, mean that some non-accidental death lump sum benefits from injury or compensation schemes which are currently not taxed would become taxable. These Regulations ensure that non-accidental death lump sum benefits provided under the rules of a scheme on the date these regulations come into force are “excluded benefits” and are therefore not subject to income tax. No. 211 The Registered Pension Schemes (Surrender of Relevant Excess) Regulations 2006 Section 218 of the Finance Act 2004 provides that an individual has a standard lifetime allowance on the amount of pension savings that may benefit from tax relief. Schedule 36 to the Finance Act 2004 contains transitional provisions for pension rights at 5th April 2006 and provides for enhanced lifetime allowance protection. This means there is no liability to the lifetime allowance charge to income tax if an individual has one or more relevant existing arrangements provided notice of intention to rely on enhanced protection has been given to Her Majesty's Revenue and Customs. Notice of intention may not be given unless the individual surrenders any relevant excess rights as determined by regulations. These regulations specify the rights to be treated as representing relevant excess rights. No. 212 The Pension Scheme (Relevant Migrant Members) Regulations 2006 Schedule 33 to the Finance Act 2004 contains provisions about migrant member relief in respect of contributions to overseas pension schemes. Paragraph 4 of that Schedule sets out the conditions an individual member of an overseas pension scheme would need to satisfy in order to be considered a relevant migrant member of that scheme. These Regulations prescribe an alternative condition to that already contained in paragraph 4(c) of Schedule 33, so that an individual can qualify as a relevant migrant member of an overseas pension scheme if he was entitled to tax relief on contributions paid under the pension scheme in the country of residence at any time in the 10 years prior to coming to the United Kingdom. No. 364 The Registered Pension Schemes (Modification of Rules of Existing Schemes) Regulations 2006 And No. 365 The Registered Pension Schemes (Unauthorised Payments by Existing Schemes) Regulations 2006 The Modification Regulations operate so as to treat a number of features of the existing taxation regime as being automatically imported into the rules of schemes which are in existence on 5th April 2006 and which become subject to the regime for registered pensions schemes on 6th April 2006 by virtue of paragraph 1 of Schedule 36 to the Finance Act 2004. Their principal effect is to preserve the status quo in relation to the application of rules which expressly or by necessary implication limited benefits, liabilities or entitlement to make contributions. Without the modifications, schemes which had relied upon limits laid down (for example) in Part 14 of the Income and Corporation Taxes Act 1988 to restrict such benefits, liabilities or entitlement may have found themselves having difficulty reconciling competing pressures for funds. Therefore, where a scheme would (but for the Regulations) have had to make a payment in excess of a limit which applied before 6th April 2006, the trustees are instead given a discretion to make such payments. Where they do exercise that discretion the payments so made are, by virtue of the Unauthorised Payments Regulations, not scheme chargeable payments (under the new taxation regime for pensions) to the extent that they are referable to entitlement accrued, or contributions paid, prior to 6th April 2006. Similar payments made by schemes to which the Modification Regulations don't apply, or to which they have ceased to apply, are treated in the same way. No. 498 The Registered Pension Schemes (Block Transfers)(Permitted Membership Period) Regulations 2006 Schedule 36 to the Finance Act 2004 contains transitional provisions and savings, designed to protect rights which existed before 6th April 2006. The general principles are that rights are protected in the scheme under which they were held on 5th April 2006, and that protection is lost if the individual’s rights are transferred out of the scheme on or after 6th April 2006; but some protection may be retained if, on or after 6th April 2006, an individual’s rights are transferred out of the original pension scheme as part of a block transfer. One of the characteristics of a block transfer is either that the member; (a) was not a member of the pension scheme to which the transfer is made before the transfer, or (alternatively) (b) has been a member of the pension scheme to which the transfer is made for no longer than the period prescribed in regulations. Because the original commencement provision for Part 4 of the Finance Act 2004 was fixed by Parliament for all purposes (other than the making of subordinate legislation) as 6th April 2006, and Parliament clearly envisaged all of the necessary legislation coming into force at the same time, the amended power allowing for a period prescribed in Regulations needs to be exercised so that the Regulations come into force on the same day as the rest of the provisions of Part 4. These Regulations exercise the power conferred and provide that the period in question is to be a period of twelve months ending with the date on which the transfer is made. However, a period before 6th April 2006 is ignored if, during that period, the member was a member of a personal pension scheme and the membership related solely to contracted rights. This exclusion will ensure where a block transfer is being made to a personal pension scheme, which has been used for contracting-out, individuals covered by the block transfer who have been a member of the personal pension scheme for longer than twelve months will qualify for block transfer protection when the occupational scheme was transferred to the personal pension scheme. No. 499 The Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 These regulations provide for the transfer of sums and assets by registered pension schemes and insurance companies, where those sums and assets represent pensions in payment. Regulations under section 169 (1B), (16C), (1D) and (1E) Finance Act 2004 provide for transfers of sums and assets by a registered pension scheme, in respect of one of the following pensions to which a member has already become entitled: (a) scheme pension (b) dependants’ scheme pension (c) unsecured pension (d) dependants’ unsecured pension (e) alternatively secured pension (f) dependants’ alternatively secured pension Transfers of sums and assets covered by these regulations must be to another registered pension scheme or to an insurance company, but the latter applies only where the transfer is in respect of a scheme pension or dependants’ scheme pension. The sums and assets transferred must meet the rules set out in the regulations, which require that the registered pension scheme (or insurance company) that receives these funds must provide a member with the same type of pension that was paid previously. For example, if a scheme was paying a scheme pension and transferred the sums and assets that underpinned that pension, then the transfer will be a recognised transfer providing the receiving scheme applies those sums and assets towards a scheme pension for the member. For transfers of sums and assets from an unsecured pension fund (and also a dependants’ unsecured pension fund and a member or dependants’ alternatively secured pension fund) there is also a requirement that the sums and assets become held in a new arrangement, under which no other sums and assets are held. If a transfer of sums and assets (that is covered by these regulations) does not meet the conditions, then the transfer of the funds will be an unauthorised payment. Where there has been a recognised transfer in the above circumstances then the regulations also provide that the new pension will be treated as the old for certain purposes. This will, for example, ensure that where sums and assets representing a scheme pension are transferred then there won't be a benefit crystallisation event when the new scheme pension starts becomes payable. For unsecured pensions, the regulations will ensure that the unsecured pension year structure that applied in the old arrangement must be adopted in the new arrangement. This means that the aggregate withdrawals from both the old and the new arrangement must not exceed the maximum annual withdrawal for the unsecured pension year in which the funds are transferred. Although the sums and assets representing an unsecured pension fund have to be transferred into a new arrangement, the regulations don't prevent uncrystallised rights later arising in the receiving arrangement becoming designated to that unsecured pension fund. Regulations under paragraphs 2(6A), 3(2B) and (2C), 6(1B) and (1C), 16(2A) and (2B), 17(3) and (4) and 20(1B) and (1C) of Schedule 28 Finance Act 2004 provide for transfers of sums and assets by an insurance company, in respect of one of the following pensions/annuities to which a member has already become entitled: (a) scheme pension (b) dependants’ scheme pension (c) lifetime annuity (d) dependants’ annuity (e) short term annuity (f) dependants’ short term annuity Transfers by insurance companies won't come within the definition of a “recognised transfer” under section 169 Finance Act 2004, because the sums and assets transferred won't specifically represent the rights of the member. But these regulations make provision for transfers of sums and assets by insurance companies that broadly replicate the rules described above in respect of recognised transfers. For example, where an insurance company is paying a scheme pension then the regulations will permit that pension to be stopped and for another insurance company to start paying it. The regulations also provide for what purposes the new pension or annuity will be treated as the old. So that, for example, this will ensure that there won't be a benefit crystallisation event when the insurance company receiving the transferred funds starts to pay a new lifetime annuity. No. 567 The Registered Pensions Schemes (Provision of Information) Regulations 2006 Within the new unified pension tax regime, each registered pension scheme will be expected to appoint a scheme administrator to carry out various tax obligations on behalf of the scheme. These regulations specify the requirements for the provision of information in connection with registered pension schemes. In particular the Regulations prescribe the information that (a) a scheme administrator shall provide to Her Majesty's Revenue and Customs in the form of an annual event report, when a pension scheme is wound -up and when a person ceases to be a scheme administrator; (b) a company shall provide when it receives an unauthorised employer payment. The Regulations also prescribe the information that scheme administrators and insurance companies shall provide to scheme members and the personal representatives of deceased scheme members, to enable them to ascertain the percentage of standard lifetime allowance expended by benefit crystallisation events in respect of the member. This information is needed so that a member can monitor the amount of their available lifetime allowance and to determine any liability to a lifetime allowance charge. In addition, the Regulations prescribe the information that a scheme administrator is required to provide to other scheme administrators where there is a transfer of member's rights between schemes and the records that must be preserved in relation to a registered pension scheme. No. 568 The Registered Pension Schemes (Prescribed Manner of Determining Amount of Annuities) Regulations 2006 The regulations provide for the amount by which a lifetime annuity may vary where the amount of that annuity is linked with changes in one of the factors set out in the regulations, such as changes in the retail prices’ index or the market value of assets. The regulations will apply to annuities where the amount of an annuity can in some circumstances vary downwards, but won't apply where the amount of the annuity can only either stay level or increase. Providing that the variation in the amount of the annuity is linked with one or more of the factors specified in the regulations then the annuity will be within the definition of a lifetime annuity in paragraph 3 of Schedule 28 Finance Act 2004. These regulations don't prevent a change in one of the factors with which the amount of an annuity is linked, or, for example, a change from an annuity that is covered by these regulations, to an annuity where the amount may either stay level or increase. (a) The regulations also provide for the amount by which the following annuities may vary: (b) dependants’ annuities; (c) short-term annuities; (d) dependants’ short-term annuities. No. 569 The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 Within the new unified pension tax regime, each registered pension scheme will be expected to appoint a scheme administrator to carry out various tax obligations on behalf of the scheme. In the vast majority of schemes, the scheme administrator will be one person or a group of persons discharging duties on behalf of the whole scheme. But in some very large schemes, spread over a number of employers, particularly those in the public sector, the administrative functions generally are devolved from the centre, reflecting the devolved powers of the employers concerned. In such cases, the schemes are effectively controlled at a local level. Such de-centralised schemes are currently organised so that they have separate administrators for each fund or scheme making up the registered pension scheme. In effect, each part of the scheme, which deals with one or more separate employers or groups of employers is a distinct entity in terms of how it is administered. These Regulations provide for: (a) certain registered pension schemes together with any successor scheme to be split and treated as if they were a number of separate sub-schemes; and (b) the scheme administrator of such sub-schemes shall assume the various tax liabilities and responsibilities of the scheme administrator of the split scheme. No. 570 The Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulation 2006 These regulations make provision about the use of approved methods of electronic communication for the purposes of delivering information required under part 4 of the Finance Act 2004. These provisions won't commence until a date to be appointed by Her Majesty's Revenue and Customs imposing a requirement that information must be delivered electronically. Until then any such requirement is to be read as merely permitting electronic delivery. No. 571 The Registered Pension Schemes (Authorised Member Payments)(No.2) Regulations 2006 This regulation provides that certain payments to which a member was entitled before 6th April 2006, if made on or after that date, will be exempt from the unauthorised payments surcharge. No. 572 The Taxation of Pension Schemes (Transitional Provisions) Order 2006 This Order contains transitional provisions in relation to the new provisions for pension schemes coming into force on 6th April 2006. No. 573 The Pension Schemes (Transfers, Reorganisation and Winding-Up)(Transitional Provisions) Order 2006 This Order preserves the protection of certain pre A-Day rights in the event of particular types of transfer from one pension scheme to another. First, any right to take benefits before the normal minimum pension age is protected in the event of a transfer under the TUPE Regulations having taken place between 10 December 2003 and 6th April 2006. Secondly, the Order protect rights to take benefits before the normal minimum pension age where a sponsoring employer has reorganised its pension schemes during the period between 10 December 2003 and 6th April 2006. Thirdly, any right to take benefits before the normal minimum pension age, or to a tax-free lump sum in excess of 25% of uncrystallised rights, is protected in the event of the scheme winding up after A-Day and benefits being secured by an annuity contract. No. 574 The Registered Pension Schemes (Authorised Surplus Payments) Regulations 2006 These regulations make provision to allow for surplus funds in a registered occupational pension scheme (OPS) to be paid to a sponsoring employer subject to a tax charge at 35% on the payment. Provision has been made for such authorised surplus payments to be allowed in circumstances where such payments are made in accordance with Department of Work and Pensions(DWP) legislation relating to payments to employers. However, not all OPSs are covered by DWP legislation, for example Small Self Administered Schemes, so provision has also been made to allow for surplus payments to be paid from OPSs that are not covered by DWP rules. In addition, these regulations prescribe when surplus payments can be made to sponsoring employers where surplus funds arise on the death of a member. These rules have been designed to prevent potential tax avoidance where there is a connection between the deceased member and sponsoring employer, and where the member dies aged 75 or over and the deceased member’s fund is an alternatively secured pension fund (ASP) to ensure that any remaining funds in an ASP fund should be used first and foremost to fund dependants’ benefits. No. 575 The Pension Protection Fund (Tax) Regulations 2006 These Regulations make provision, in relation to the Pension Protection Fund and the Fraud Compensation Fund, bodies established under the Pensions Act 2004, and managed by the Board of the Pension Protection Fund. The Regulations exempt the two funds from tax, and provide that the Pension Protection Fund receives the same tax treatment as the occupational pension schemes it is designed to protect. The Regulations contain the principal provision, providing that the Tax Acts apply to the Pension Protection Fund in the same way as they apply to a registered pension scheme. The regulations also include provision to ensure that gains and losses accruing on disposals of investments held by the Board for the purposes of the Pension Protection Fund or the Fraud Compensation Fund are not chargeable gains or allowable losses, and to eliminate any possibility that receipt of a fraud compensation payment or of one of a number of related payments may be liable to capital gains tax or to corporation tax on chargeable gains. No. 576 The Social Security (Contributions) (Amendment No. 2) Regulations 2006 These Regulations amend the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004) in consequence of the income tax provisions relating to pensions and pension contributions contained in Part 4 of the Finance Act 2004. They also make two amendments to the computation of amounts by reference to which employers are entitled to make payments on account of national insurance contributions to HM Revenue and Customs quarterly rather than monthly. These two amendments are consequent upon the abolition of payment by employers of tax credits to their employees. No. 614 The Registered Pension Schemes (Authorised Payments – Arrears of Pension) Regulations 2006 This regulation provides for arrears of pension to be paid to a member as an authorised payment where a scheme is required to pay this amount for the period up until the member becomes actually entitled to the pension in accordance with section 165(3) Finance Act 2004. The sum will be taxable pensions' income. No. 744 The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Regulations 2006 This instrument makes consequential amendments to other subordinate legislation for occupational and personal pension schemes to secure consistency with the Provisions of Part 4 FA 2004. No. 745 The Taxation of Pension Schemes (Consequential Amendments) Order 2006 This instrument makes consequential amendments to other primary and secondary legislation to secure consistency with the Provisions of Part 4 of the Finance Act 2004. No. 1957 The Registered Pensions Schemes (Extension of Migrant Member Relief) Regulations 2006 Migrant member relief allows tax relief, under certain circumstances, on contributions to overseas pension schemes that are not registered pension schemes. The regulations allow access to migrant member relief where the overseas scheme of which an individual is currently a member is not the same overseas scheme in respect of which the individual originally became entitled to migrant member relief. This will allow migrant member relief to be retained, for example, where the individual’s pension rights are transferred to another overseas pension scheme as part of a company takeover. No. 1958 The Pension Schemes (Taxable Property Provisions) Regulations 2006 These Regulations make provision supplementing those contained in the Finance Act 2006 providing for a tax charge on investments by investment-regulated pension schemes in residential property and tangible moveable property. They provide that the method of valuing UK residential property set out in the Bill apply to non UK residential property and tangible moveable assets. They also provide rules for taxing overseas assets held by non-UK resident registered pension schemes. No. 1959 Investment-regulated Pension Schemes (Exception of Tangible Moveable Property) Order These Regulations exclude certain items of tangible moveable property from being regarded as taxable property for the purposes of the provisions in the Finance Act 2006 providing for a tax charge on investments by investment-regulated registered pension schemes in residential property and tangible moveable property. The items excluded are investment grade gold bullion and small items used for the administration of investment vehicles owned by such pension schemes. No. 1960 The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2006 The principal Regulations serve two purposes; To provide a method of computing the amount to be charged to UK tax in respect of a payment by a relevant non-UK pension scheme; and To modify the provisions of Part 4 of the Finance Act 2004 (“the Act”). This is to ensure that the new regime for registered pension schemes works in the context of relevant non-UK schemes. These Regulations amend the principal Regulations to ensure the provisions contained in the Finance Act 2006 providing for a tax charge on investment by investment-regulated pension schemes in residential property and tangible moveable property cannot be side-stepped by transferring funds to a non UK scheme which are then used to purchase such assets. No. 1961 The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2006 These Regulations amend the requirements for the provision of information in connection with registered pension schemes, qualifying overseas pension schemes and qualifying recognised overseas pension schemes. They implement provisions contained in the Finance Act 2006. Firstly, the Regulations provide for scheme administrators to report certain further events. These are when a stand-alone lump sum is paid, when a scheme starts or ceases to be an investment-regulated pension scheme, when a tax charge arises on an investment-regulated pension scheme in relation to income or gains from residential property or tangible moveable property, when there is a change in the country or territory in which a scheme is established and where a scheme becomes or ceases to be an occupational pension scheme. Secondly, the Regulations provide that an individual, who is caught by the provision contained in section 159 of the Finance Act 2006 countering the recycling of tax free lump sums, is obliged to tell the scheme that provided their lump sum that they are so caught. This is so that the scheme can fulfil its obligation to report unauthorised payments to HM Revenue & Customs. Thirdly, the Regulations provide that overseas schemes, whose members are caught by either the recycling rule or the prohibited assets rules are obliged to report to HM Revenue & Customs the unauthorised payments that arise as a consequence. Fourthly, the regulations provide that individuals to whom paragraph 23 of Schedule 23 to the Finance Act 2006 applies (calculation of maximum lump sum for scheme pensions provided from money purchase arrangements) are obliged, where necessary, to tell schemes about the amount of their fund used to provide the pension. This is so that any scheme paying a subsequent lump sum to the individual is able to calculate the maximum tax-free lump sum that it may pay within the overall limit of 25% of the lifetime allowance. No. 1962 The Taxation of Pension Schemes (Transitional Provisions)(Amendment) Order 2006 This Order contains amendments to transitional provisions in relation to the provisions for pension schemes which came into force on 6th April 2006. Section 283(3C) of the Finance Act 2004 provides that an Order may have retrospective effect if it does not increase any person's liability to tax. The provisions of this Order reduce, rather than increase, taxpayers’ liability, and accordingly has effect from 6th April 2006. Firstly, the Order modifies section 216 which sets out the table of events which are benefit crystallisation events in relation to an individual and the amount which is crystallised by each of those events so that benefit crystallisation event 5A which will be inserted by paragraph 29 of Schedule 23 to the Finance Act 2006, is not triggered where the individual had a drawdown fund in payment at A day. This new article is necessary because the provisions in the second column of that benefit crystallisation event, preventing overlap with other such events, won't apply appropriately to funds that were in existence before 6th April 2006. Secondly, under the new pensions tax regime certain lump sum death benefits may be paid, which are tested against the lifetime allowance and any amount that falls above the lifetime allowance is taxable at 55%. There is also a requirement that such lump sum death benefits must be paid within 2 year’s of the member’s death. Lump sums paid outside of this time limit won't meet the pension rules and will be subject to an unauthorised payments charge of 70%. Transitional protection has already been provided so that the lifetime allowance charge should not apply to lump sums that arise in respect of people who died before the new pensions tax regime was introduced 6th April 2006. But this protection is not effective in all circumstances and, in particular, it retains the 2 year time limit for the payment of death benefits, albeit that the member’s death has occurred some time before the start of the new regime. This order extends transitional protection to lump sum death benefits paid by pre A-day schemes in respect of members, and dependants of members, who died before 6th April 2006. The period is extended to two years from the date on which the pension scheme administrator could reasonably have known of the death of the member or dependant concerned, rather than from the date of death, to reflect the fact that scheme administrators don't always learn of the death immediately. No. 1963 The Taxation of Pension Schemes (Consequential Amendments) (No. 2) Order 2006 This instrument makes consequential amendments to other primary legislation to secure consistency with the Provisions of Part 4 Finance Act 2004. No. 2004 The Taxation of Pension Schemes (Transitional Provisions) (Amendment No. 2) Order 2006 This order amends articles 25 and 26 of The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (SI 572/2006). It provides revised rules for the calculation of stand-alone lump sums. These are lump sums paid under transitional protection which constitute the whole of a persons rights under the pension scheme. The order sets out the circumstances in which such lump sums can be paid and provides rules covering transfers. This order plugs various loopholes that could allow some individuals to take much larger tax-free lump sums than the legislation intends. To prevent the possibility of forestalling its provisions this order came into force on the 25 July 2006 which was shortly after it was laid.. This Order works in the way that the original Order was intended to work in line with announced policy, and won't therefore affect those paying lump sums in normal circumstances. No. 2829 The Social Security (Contributions) (Amendment No. 5) Regulations 2006 These Regulations further amend the Social Security (Contributions) Regulations 2001 (SI 2001/1004). They are made in consequence of the income tax provisions relating to pensions and pension contributions contained in Part 4 of the Finance Act 2004 as amended. The new simplification tax regime for pension savings came into force 6 April 2006. Under the new regime Regulations were laid to provide a disregard from National Insurance contributions for employer contributions into and payments of pension benefits out of registered pension schemes. Under the previous regime, there was also a National Insurance disregard for contributions to and benefits paid by certain overseas pension schemes. This Instrument ensures that the same disregard will apply to such schemes. No. 3261 The Registered Pension Schemes (Enhanced Lifetime Allowance) (Amendment) Regulations 2006 An individual’s lifetime allowance is usually the standard lifetime allowance but the legislation allows for individuals to apply for their lifetime allowance to be enhanced above the standard lifetime allowance. The principal regulations contain the provisions and administrative processes that enable an individual to apply for enhanced lifetime allowance. A Finance Act 2006 amended Finance Act 2004 to ensure that lump sum death benefits paid by a pension scheme were also eligible for transitional relief from lifetime allowance charges in the same way as other authorised pension and lump sum benefits. This instrument inserts into the Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 (SI 2006/131) the administration process for individuals to claim the enhanced lifetime allowance relief taking account of death benefits. ?©Crown Copyright Keywords: Pension, Annuities, Annuity, Pensions, Annuities Tax, Taxation Please note that the annuities and income drawdown information contained within the articles and general text on Annuities Central may not be intended for annuity consumer use, may no longer be current and should not be used by consumers to make financial decisions. It is very important that you don't use this annuity information in isolation to decide which annuity or annuity alternative to buy. Annuity comparisons and pensions information or opinions expressed are made as at the date of this publication and are subject to change without notice. Always seek the help of an annuity broker before you buy an annuity.

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