RPSM09103105 - Technical Pages: Member benefits: An alternatively secured pension: Pre 6 April 2006 entitlement
Alternatively secured pension fund arising from a pre 6 April 2006 benefit entitlement
[Article 31 of the Taxation of Pension Schemes (Transitional Provisions) Order2006 (SI 2006 No 572)]Benefits not in payment before 6 April 2006
An individual age 75 or over who has a prospective entitlement to benefits, i.e. they are not yet in payment, on 6 April 2006 who
- is a member of scheme that automatically became a registered pension scheme on 6 April 2006 because it was
- a retirement benefits scheme, or
- an annuity contract (not providing for the immediate payment of benefits) used to secure benefits provided under a retirement benefits scheme, and
- the arrangement providing the pension rights is an other money purchasearrangement
will have an alternatively secured pension fund created for them on 6 April 2006.
Annuity purchase deferral in a small self administered scheme
A member who on 6 April 2006 is
- aged 75 or over, and
- taking benefits under annuity purchase deferral rules of a small self administered pension scheme approved under Chapter 1 Part 14 ICTA 1988 that is a moneypurchase arrangement and the rules of the scheme at 5 April 2006 did not require the purchase of an annuity.
will have an alternatively secured pension fund created for them on 6 April 2006 and will be in receipt of an alternatively secured pension.
| Glossary ( RPSM20000000) |
