Eight statutory instruments published last week make changes to the pensions tax regime. A list of instruments expected to be laid following the coming into force of FA 2011 was provided in an annex to the explanatory memorandum to SI 2011/1751 (see below).
The Registered Pension Schemes (Miscellaneous Amendments) Regulations, SI 2011/1751, make a number of consequential amendments to various regulations, reflecting FA 2011 provisions that remove the effective need to take an annuity by age 75 and reduce the amount of tax relief available on pension savings.
The Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations, SI 2011/1752, provide that an individual may give notice to HMRC of intention to rely on a new form of transitional protection to reduce or eliminate any potential lifetime allowance charge from April 2012.
The Taxation of Pension Schemes (Transitional Provisions) (Amendment) (No.2) Order, SI 2011/1782, makes consequential amendments to SI 2006/572, reflecting FA 2011 provisions that remove the effective need to take an annuity by age 75 and reduce the amount of tax relief available on pension savings.
The Registered Pension Schemes (Relevant Income) Regulations, SI 2011/1783, set out payments that do not count as relevant income for the purpose of the minimum income requirement under the flexible drawdown rules.
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) (No. 2) Regulations, SI 2011/1790, make consequential and other minor amendments to regulations in respect of transfers from one pension arrangement to another, to reflect FA 2011 provisions that remove the effective need to take an annuity by age 75.
The Registered Pension Schemes (Modification of Scheme Rules) Regulations, SI 2011/1791, provide that where the administrator of a registered scheme satisfies a member’s annual allowance charge from the member’s benefits, any scheme rules preventing such an adjustment to those benefits are modified.
The Registered Pension Schemes (Prescribed Requirements of Flexible Drawdown Declaration) Regulations, SI 2011/1792, set out the conditions to be met by a scheme member or dependant for a ‘flexible drawdown’ declaration to be valid.
The Registered Pension Schemes (Notice of Joint Liability for the Annual Allowance Charge) Regulations, SI 2011/1793, specify the information that an individual must give to the scheme administrator if the administrator is to meet the annual allowance charge in return for an adjustment to pension benefits.
Eight statutory instruments published last week make changes to the pensions tax regime. A list of instruments expected to be laid following the coming into force of FA 2011 was provided in an annex to the explanatory memorandum to SI 2011/1751 (see below).
The Registered Pension Schemes (Miscellaneous Amendments) Regulations, SI 2011/1751, make a number of consequential amendments to various regulations, reflecting FA 2011 provisions that remove the effective need to take an annuity by age 75 and reduce the amount of tax relief available on pension savings.
The Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations, SI 2011/1752, provide that an individual may give notice to HMRC of intention to rely on a new form of transitional protection to reduce or eliminate any potential lifetime allowance charge from April 2012.
The Taxation of Pension Schemes (Transitional Provisions) (Amendment) (No.2) Order, SI 2011/1782, makes consequential amendments to SI 2006/572, reflecting FA 2011 provisions that remove the effective need to take an annuity by age 75 and reduce the amount of tax relief available on pension savings.
The Registered Pension Schemes (Relevant Income) Regulations, SI 2011/1783, set out payments that do not count as relevant income for the purpose of the minimum income requirement under the flexible drawdown rules.
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) (No. 2) Regulations, SI 2011/1790, make consequential and other minor amendments to regulations in respect of transfers from one pension arrangement to another, to reflect FA 2011 provisions that remove the effective need to take an annuity by age 75.
The Registered Pension Schemes (Modification of Scheme Rules) Regulations, SI 2011/1791, provide that where the administrator of a registered scheme satisfies a member’s annual allowance charge from the member’s benefits, any scheme rules preventing such an adjustment to those benefits are modified.
The Registered Pension Schemes (Prescribed Requirements of Flexible Drawdown Declaration) Regulations, SI 2011/1792, set out the conditions to be met by a scheme member or dependant for a ‘flexible drawdown’ declaration to be valid.
The Registered Pension Schemes (Notice of Joint Liability for the Annual Allowance Charge) Regulations, SI 2011/1793, specify the information that an individual must give to the scheme administrator if the administrator is to meet the annual allowance charge in return for an adjustment to pension benefits.
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