|[Para 1(3), Sch 34]|
The member payment charges are as follows:
These charges apply to payments from a relevant non-UK scheme as
if they were payments from a
registered pension scheme. For example, a member
of a relevant non-UK scheme (see
RPSM13102130) could become liable to
an unauthorised payments charge and an unauthorised payments
surcharge if they received a lump sum of more than 25% of the total
amount of their UK tax-relieved fund and of their relevant transfer
RPSM13102170) within that scheme.
An unauthorised payments charge could also apply if benefits were paid to a member of a relevant non-UK scheme before the normal minimum pension age. The payment of a pension before the age of 55 after 5 April 2010 could give rise to such a charge if it would be an unauthorised payment were it made from a registered pension scheme. To determine whether or not it was an unauthorised payment all of the provisions that apply to registered pension schemes would need to be taken into account, including the transitional provision in paragraph 21 of schedule 36 concerning a member's protected pension age (see RPSM03106010). So an unauthorised payments charge would not apply to a member of a relevant non-UK scheme who received benefits at the age of 50 if they had on 10 December 2003 a right under the scheme's rules to retire at that age.
|Glossary ( RPSM20000000)|