The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations, SI 2015/1454, come into force on 1 September 2015. These amending regulations specify that nominees’ or successors’ annuities may only be transferred to another nominees’ or successor’s annuity respectively, to ensure they are treated in the same way as current dependents’, nominees’ and successors’ short-term annuities – this is to avoid manipulation of the new pension flexibilities.
The Registered Pension Schemes (Provision of Information) (Amendment No 2) Regulations, SI 2015/1455, also come into force on that date. These amending regulations require scheme administrators to tell beneficiaries where the payment of an annuity is subject to the lifetime allowance charge, and for the transferring and receiving insurance companies to share certain information with effect from 6 April 2015.
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations, SI 2015/1454, come into force on 1 September 2015. These amending regulations specify that nominees’ or successors’ annuities may only be transferred to another nominees’ or successor’s annuity respectively, to ensure they are treated in the same way as current dependents’, nominees’ and successors’ short-term annuities – this is to avoid manipulation of the new pension flexibilities.
The Registered Pension Schemes (Provision of Information) (Amendment No 2) Regulations, SI 2015/1455, also come into force on that date. These amending regulations require scheme administrators to tell beneficiaries where the payment of an annuity is subject to the lifetime allowance charge, and for the transferring and receiving insurance companies to share certain information with effect from 6 April 2015.
