The Regulations prescribe that members of certain foreign pension schemes are not liable to tax on amounts counting as employment income under part 7A of the Income Tax (Earnings and Pensions) Act 2003 when their employer provides rewards, recognition or loans under the scheme in connection with the member's employment.
The Regulations amend the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997 (SR 1997/153), pursuant to the changes made to the taxation of pension scheme contributions by the Finance Act 2011.
The Regulations amend the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997 (SI 1997/785), pursuant to the changes made to the taxation of pension scheme contributions by the Finance Act 2011.
The Regulations prescribe that, where a pension scheme administrator pays all or part of a member's annual allowance charge, the scheme rules are modified to enable the member's benefit entitlements to be reduced.
The Regulations set out the information that an individual must include in a notice requesting his or her pension scheme administrator to pay the individual's annual allowance charge in return for a consequential reduction to the individual's pension benefits.
The Order prescribes that, where an individual is entitled to a tax-free lump sum from his or her pension scheme of more than 25% of the fund's value, or to a protected pension age, there is a period of six months to arrange for payment of the associated benefits.
The Regulations amend various Regulations so that a person does not accrue deferral benefits while he or she is in receipt of state pension credit or where his or her partner is in receipt of income support, income-based jobseeker's allowance, state pension credit or income-related employment and support allowance.
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