The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026
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Change 1
15 The Financial Assistance Scheme (Tax) Regulations 2010
(1) The Financial Assistance Scheme (Tax) Regulations 2010 are amended as follows. (2) In regulation 4 (lump sum payments by the Financial Assistance Scheme), in paragraph (4), for the words from “in the definition” to the end substitute for the purposes of that section— (a) a lump sum paid to the individual under regulation 17D were a “relevant lump sum”; and (b) a payment made in respect of the individual under regulation 18A in the form of a lump sum were a “relevant lump sum death benefit”. (3) In regulation 5 (application of relevant allowance provisions), omit paragraph (3)(za). (4) Omit regulation 13A (information provided by or in relation to qualifying members to the FAS scheme manager in relation to the transitional tax-free amount certificates). (5) For regulation 19 substitute— Transitional provisions: lump sums 19 (1) Paragraph 2 of Schedule 29 to FA 2004 (registered pension schemes: authorised lump sums - supplementary) as modified by paragraph 28(3) of Schedule 36 to that Act has effect, in relation to a qualifying member or deceased qualifying member, as if references to a pension commencement lump sum included a lump sum under regulation 17D. (2) Part 6 of Schedule 9 to FA 2024 (transitional provision relating to abolition of lifetime charge) is modified as follows. (3) Paragraph 126 (availability of individual’s lump sum and death benefit allowance) has effect in relation to a qualifying member or deceased qualifying member as if before sub-paragraph (4)(a)(i) there were inserted— (zi) before 6 April 2024 a payment is made in respect of the individual under regulation 18A in the form of a lump sum, . (4) Paragraph 128 (provision of information to members) has effect in relation to a qualifying member or deceased qualifying member as if after sub-paragraph (6)(a)(zi) there were inserted— (zii) before 6 April 2024 a payment is made in respect of the member under regulation 18A in the form of a lump sum, . (5) Paragraph 129(1) (meaning of “lump sum transitional tax-free amount”) has effect in relation to a qualifying member or deceased qualifying member as if before paragraph (a) there were inserted— (za) each lump sum under regulation 17D (if any) to which the member has, before 6 April 2024, become entitled, . (6) For regulation 20 (transitional tax-free amount certificates) substitute— Certification administrators 20 In Part 6 of Schedule 9 to FA 2024 (transitional provision relating to abolition of lifetime charge), in paragraph 129(5), the definition of “certification administrator” has effect in relation to a qualifying member or deceased qualifying member as if before paragraph (a) there were inserted— (za) the FAS scheme manager, . Provision of information by qualifying members to FAS scheme manager 20A (1) Paragraph 127B of Schedule 9 to FA 2024 (provision of information by individuals to certification administrators) is modified as follows. (2) Sub-paragraphs (8A) to (8C) have effect in relation to an individual becoming a qualifying member as they have effect in relation to an individual becoming a member of a pension scheme. (3) In sub-paragraph (8B) (as it has effect by virtue of this regulation), the reference to the scheme administrator of the new pension scheme is to the FAS scheme manager. (7) In regulation 21 (provision of information by FAS scheme manager to qualifying members)— (a) in sub-paragraph (b)— (i) after “reference to a” insert “member of a”; (ii) for “the FAS; and” substitute “a qualifying member”; (b) omit sub-paragraph (c).
15 The Financial Assistance Scheme (Tax) Regulations 2010
(1) The Financial Assistance Scheme (Tax) Regulations 2010 are amended as follows. (2) In regulation 4 (lump sum payments by the Financial Assistance Scheme), in paragraph (4), for the words from “in the definition” to the end substitute for the purposes of that section— (a) a lump sum paid to the individual under regulation 17D were a “relevant lump sum”; and (b) a payment made in respect of the individual under regulation 18A in the form of a lump sum were a “relevant lump sum death benefit”. (3) In regulation 5 (application of relevant allowance provisions), omit paragraph (3)(za). (4) Omit regulation 13A (information provided by or in relation to qualifying members to the FAS scheme manager in relation to the transitional tax-free amount certificates). (5) For regulation 19 substitute— Transitional provisions: lump sums 19 (1) Paragraph 2 of Schedule 29 to FA 2004 (registered pension schemes: authorised lump sums - supplementary) as modified by paragraph 28(3) of Schedule 36 to that Act has effect, in relation to a qualifying member or deceased qualifying member, as if references to a pension commencement lump sum included a lump sum under regulation 17D. (2) Part 6 of Schedule 9 to FA 2024 (transitional provision relating to abolition of lifetime charge) is modified as follows. (3) Paragraph 126 (availability of individual’s lump sum and death benefit allowance) has effect in relation to a qualifying member or deceased qualifying member as if before sub-paragraph (4)(a)(i) there were inserted— (zi) before 6 April 2024 a payment is made in respect of the individual under regulation 18A in the form of a lump sum, . (4) Paragraph 128 (provision of information to members) has effect in relation to a qualifying member or deceased qualifying member as if after sub-paragraph (6)(a)(zi) there were inserted— (zii) before 6 April 2024 a payment is made in respect of the member under regulation 18A in the form of a lump sum, . (5) Paragraph 129(1) (meaning of “lump sum transitional tax-free amount”) has effect in relation to a qualifying member or deceased qualifying member as if before paragraph (a) there were inserted— (za) each lump sum under regulation 17D (if any) to which the member has, before 6 April 2024, become entitled, . (6) For regulation 20 (transitional tax-free amount certificates) substitute— Certification administrators 20 In Part 6 of Schedule 9 to FA 2024 (transitional provision relating to abolition of lifetime charge), in paragraph 129(5), the definition of “certification administrator” has effect in relation to a qualifying member or deceased qualifying member as if before paragraph (a) there were inserted— (za) the FAS scheme manager, . Provision of information by qualifying members to FAS scheme manager 20A (1) Paragraph 127B of Schedule 9 to FA 2024 (provision of information by individuals to certification administrators) is modified as follows. (2) Sub-paragraphs (8A) to (8C) have effect in relation to an individual becoming a qualifying member as they have effect in relation to an individual becoming a member of a pension scheme. (3) In sub-paragraph (8B) (as it has effect by virtue of this regulation), the reference to the scheme administrator of the new pension scheme is to the FAS scheme manager. (7) In regulation 21 (provision of information by FAS scheme manager to qualifying members)— (a) in sub-paragraph (b)— (i) after “reference to a” insert “member of a”; (ii) for “the FAS; and” substitute “a qualifying member”; (b) omit sub-paragraph (c).
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