SCHEDULE 10 Pension Schemes etc
Finance Act 2005 (2005 c 7) | Legislation

SCHEDULE 10 Pension Schemes etc

Section 101

Introduction

1

Part 4 of FA 2004 (pension schemes etc) is amended in accordance with paragraphs 2 to 58.

Deferred annuities

2

In section 153(8) (deferred annuity contract to be registered pension scheme), after “contract†insert “made with an insurance companyâ€.

Orders for return of unauthorised payments

3

In section 153 (registration of pension schemes), after subsection (8) insert—

“(8A)     Where an order has been made under section 19(4) or 21(2)(a) of the Pensions Act 2004 or Article 15(4) or 17(2)(a) of the Pensions (Northern Ireland) Order 2005 (restitution by order of court or Pensions Regulator) that property or money be transferred, or a sum be paid, towards an annuity contract made with an insurance company, the annuity contract is to be treated as having become a registered pension scheme on the day on which it is made.â€

4

After section 266 insert—

“Relief from liability in respect of returned unauthorised member payments
266A Member's liability

(1)     This section applies where—

(a)     a liability to the unauthorised payments charge, or to both the unauthorised payments charge and the unauthorised payments surcharge, has arisen in respect of an unauthorised

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