BN62 - Updating Scheme Rules - Finance Act 2004 and other Regulations

Briefing Note

The deadline for registered pension schemes to take the necessary action to amend their rules to incorporate the single tax regime introduced by the Finance Act 2004 is 5 April 2011 and fast approaching.

Separately, amendments to scheme rules are also required to ensure that schemes can repay any future scheme surplus to the sponsoring employer, make partial transfers and make certain trivial commutation payments.

This BBS briefing note summarises the background to these amendments and highlights the action required by trustees and employers over the coming months.

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