The Registered Pension Schemes (Authorised Payments) (Amendment) Regulations 2017

Contents

1Citation and commencement#

These Regulations may be cited as the Registered Pension Schemes (Authorised Payments) (Amendment) Regulations 2017 and come into force on 6th April 2017.

2Amendments to the Registered Pension Schemes (Authorised Payments) Regulations 2009#

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

3Amendments to the Registered Pension Schemes (Authorised Payments) Regulations 2009#

In regulation 1(2) (citation, commencement and effect) omit “and” before sub-paragraph (c) and after that sub-paragraph insert—“; andd for payments of a description within Part 6, in relation to payments made on or after 6th April 2017.”

4Amendments to the Registered Pension Schemes (Authorised Payments) Regulations 2009#

After regulation 5A insert—“5B A payment by a registered pension scheme that is described in Part 6 of these Regulations is a payment of a prescribed description for the purposes of section 164(1)(f) of the Finance Act 2004.”

5Amendments to the Registered Pension Schemes (Authorised Payments) Regulations 2009#

After regulation 20 insert—“21 1 A payment made by an arrangement in respect of which the conditions in paragraph (2) are satisfied.2 The conditions are that—a the payment is made for—i retirement financial advice provided to the person, orii the implementation of such advice;b the payment is requested in writing by the person;c the written request contains a declaration by the person that the conditions in sub-paragraphs (d), (e) and (f) are satisfied;d no more than two pension advice allowance payments have been requested and made in respect of the person;e no pension advice allowance payment has been requested and made in respect of the person in the tax year in which the request is made;f the advice is regulated financial advice, provided by a financial advisor regulated and authorised by the Financial Conduct Authority to provide such advice;g the payment is made by the registered pension scheme directly to the financial advisor; andh the payment does not exceed £500.3 In this regulation—a “arrangement” meansi a “money purchase arrangement” within the meaning given by section 152(2); orii a “hybrid arrangement” within the meaning given by section 152(8);b “retirement financial advice” means advice in respect of the person’s financial position, including their pension arrangements and the use of their pension funds;c “regulated financial advice” has the meaning given in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”

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