Policy paper

Draft legislation: The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations 2015

This draft legislation caters for the new types of death benefits in the form of nominees’ and successors’ annuities, where these annuities are transferred from one insurer to another.

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These regulations are now finalised and have been published. Please read The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No 2) Regulations 2015, SI 2015/1454.

Documents

Details

HM Revenue and Customs has published a draft Statutory Instrument and draft Explanatory Memorandum for comment. A number of changes are being made to cater for the new types of death benefits in the form of nominees’ and successors’ annuities, where these annuities are transferred from one insurer to another.

To protect against complexity and unintended manipulation the draft regulations provide that nominees’ and successors’ annuities may only be transferred respectively to nominees’ or successors’ annuities issued by a different insurer.

This will ensure that these annuities are treated in the same way as current dependants’ short term annuities as well as nominees’ and successors’ short term annuities (which can be provided from 6 April 2015).

The Transfer Regulations are expected to have effect for any transfers on or after 6 April 2015.

If you have any comments on these regulations please email these by 29 May 2015 to pensions.policy@hmrc.gsi.gov.uk marking your email ‘Draft Regulations’.

Published 25 March 2015