Made | 9th March 2006 | ||
Laid before the House of Commons | 10th March 2006 | ||
Coming into force | 6th April 2006 |
(3) In the application of these Regulations to Northern Ireland, a reference to an enactment applying only in Great Britain shall be construed as a reference to the corresponding enactment in Northern Ireland.
Payments falling within section 37 or 76 of the Pensions Act 1995
2.
—(1) A payment is an authorised surplus payment if it satisfies either paragraph (2) or (3).
(2) A payment satisfies this paragraph if it is made in compliance with the requirements contained in section 37 (payment of surplus to employer) of the 1995 Act[5].
(3) A payment satisfies this paragraph if—
(4) A payment made by an occupational pension scheme to a sponsoring employer, solely in respect of the death of a member is an authorised surplus payment if it satisfies the conditions in paragraphs (2) or (3) and—
Condition A
The scheme administrator has been unable to identify any dependants of the deceased member.
Condition B
The member was not connected to the sponsoring employer at the date of his death.
(5) For the purposes of this regulation and regulation 3 a member is connected to a sponsoring employer if—
(b) the employer is a company and the member, or a person connected with him, is, or at any time during the preceding year has been, a controlling director of the company.
Payments falling outside section 37 or 76 of the Pensions Act 1995
3.
—(1) A payment made by an occupational pension scheme to a sponsoring employer which does not satisfy paragraph (2) or (3) of regulation 2 is an authorised surplus payment if it satisfies the following conditions.
Condition A
The rules of the scheme permit such a payment to be made.
Condition B
The rules of the scheme contain a limit, calculated other than by reference to the size of the member's fund, on the maximum amount of benefits that may be paid to, or in respect of, members of the scheme.
Condition C
If the scheme is being wound up, the liabilities of the scheme have been fully discharged including any tax that may be due and there is a surplus of assets over liabilities.
Condition D
If the scheme is not being wound up, the requirements set out in section 37 of the 1995 Act would have been met if the scheme had been one to which the section applied.
(2) A payment made by an occupational pension scheme to a sponsoring employer solely in respect of the death of a member is an authorised surplus payment if it satisfies the conditions in paragraph (1) and—
Condition E
The scheme administrator has been unable to identify any dependants of the deceased member.
Condition F
The member was not connected to the sponsoring employer at the date of his death.
David Varney
Paul Gray
Two of the Commissioners for Her Majesty's Revenue and Customs
9th March 2006
[2] The functions of the Commissioners of Inland Revenue ("the former Commissioners"), including those under which this instrument is made, were transferred to the Commissioners for Her Majesty's Revenue and Customs ("the new Commissioners") by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 12). Section 50 of that Act provides that a reference in any other enactment to the former Commissioners is to be construed as reference to the new Commissioners in so far as is appropriate in consequence of section 5.back
[5] Section 37 was amended by section 250 of the Pensions Act 2004 (c.35).back
[6] Section 76 is amended by paragraph 62 of Schedule 12 to the Pensions Act 2004 (c.35).back