Finance Act 2016

Amendments of regulations

25 (1) Regulation 11 (information provided to scheme administrator by member intending to rely on transitional protection in connection with lifetime allowance) is amended as follows.

(2) In paragraph (1)—

(a) omit the “or” at the end of sub-paragraph (b),

(b) after sub-paragraph (c) (but before the closing words of paragraph (1)) insert “, or

(d) fixed protection 2016 by virtue of Part 1 of Schedule 4 to the Finance Act 2016,”, and

(c) in those closing words—

(i) before “the Commissioners” insert “or on behalf of”, and

(ii) before “in respect of that entitlement” insert “or Schedule 4 to the Finance Act 2016”.

(3) After paragraph (2) insert—

“(3) If the member of a registered pension scheme intends to rely on individual protection 2016 by virtue of Part 2 of Schedule 4 to the Finance Act 2016, the member must notify the scheme administrator of—

(a) the reference number in respect of the member issued by or on behalf of the Commissioners for the purposes of paragraph 9(2) of that Schedule, and

(b) the member’s relevant amount calculated in accordance with Part 2 of that Schedule.”

(4) In the heading—

(a) for the “or” substitute a comma, and

(b) at the end insert “, fixed protection 2016 or individual protection 2016”.