Office of Public Sector Information

Part 5 Pensions etc

101 Pension schemes etc.

Schedule 10 contains provision about pension schemes and related matters.

102 Pension Protection Fund etc.

(1) The Treasury may by regulations make provision for and in connection with the application of the relevant taxes in relation to—

(a) the Pension Protection Fund,

(b) the Fraud Compensation Fund, and

(c) the Board of the Pension Protection Fund,

and in relation to any person in connection with either of those Funds or that Board.

(2) The provision that may be made by the regulations includes provision imposing any of the relevant taxes (as well as provision for exemptions or reliefs).

(3) The relevant taxes are—

(a) income tax,

(b) capital gains tax,

(c) corporation tax,

(d) inheritance tax,

(e) value added tax, and

(f) stamp duty land tax.

(4) The regulations may, in particular, include provision for and in connection with the taxation of payments made in accordance with the pension compensation provisions (within the meaning of Part 2 of the Pensions Act 2004 (c. 35): see section 162(2) of that Act).

(5) The exemptions and reliefs that may be given by the regulations include, in particular, exemption from—

(a) charges to corporation tax in respect of any income arising from any assets of the Board (or in either Fund) and other receipts of the Board (or either Fund) and any chargeable gains arising from the disposal of any assets of the Board (or in either Fund),

(b) charges to income tax and corporation tax in respect of the levies referred to in sections 117, 174, 175, 189 and 209 of the Pensions Act 2004, and

(c) any charge to capital gains tax, or corporation tax on chargeable gains, in respect of the receipt of fraud compensation payments (within the meaning of Part 2 of that Act: see section 182(1) of that Act).

(6) The regulations may make provision in relation to any time after 5th April 2005.

(7) The provision made by the regulations may be framed as provision applying with appropriate modifications—

(a) for times before 6th April 2006, provisions having effect in relation to exempt approved schemes (within the meaning of Chapter 1 of Part 14 of ICTA: see section 592(1) of that Act), and

(b) for times on or after that date, provisions having effect in relation to registered pension schemes (within the meaning of section 832(1) of ICTA).

(8) The regulations may include—

(a) provision amending any enactment or instrument, and

(b) consequential, supplementary and transitional provisions.

(9) The regulations are to be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.

(10) In this section—

• “the Board of the Pension Protection Fund” means the body corporate established under section 107 of the Pensions Act 2004 (c. 35),

• “the Fraud Compensation Fund” means the Fund required to be held, managed and applied by that Board under paragraph (b) of subsection (1) of section 110 of that Act, and

• “the Pension Protection Fund” means the Fund required to be held, managed and applied by that Board under paragraph (a) of that subsection.

Part 6 Miscellaneous

103 Civil partnerships etc

(1) In the case of any tax or duty, the Treasury may by regulations make provision for the purpose of securing that the events or persons specified in column 1 of the Table are treated in the same way as (or a similar way to) the corresponding events or persons specified in column 2 of the Table.

(2) The provision that may be made by regulations under subsection (1) includes provision for or in connection with varying, for the purpose specified in subsection (1), the treatment that would, apart from the regulations, apply—

(a) on the occurrence of an event specified in column 2 of the Table, or

(b) in the case of persons specified in column 2 of the Table.

(3) The Treasury may by regulations make provision for the purpose of removing any inequality of treatment of persons based on gender or, in the case of a parent, marital status.

(4) Any power to make regulations under this section is exercisable by statutory instrument.

(5) A statutory instrument containing regulations under this section shall not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.

(6) The provision that may be made by regulations under this section includes provision—

(a) amending any enactment, or

(b) applying any provision of any enactment with or without modifications.

(7) Any power to make regulations under this section includes power—

(a) to make different provision for different cases;

(b) to make incidental, supplemental, consequential or transitional provision or savings.

(8) The powers conferred by this section are exercisable in relation to enactments (including enactments contained in, or made under, this Act) passed or made at any time before the end of the Session following that in which this Act is passed.

(9) In this section—

• “civil partnership” means a civil partnership which exists under or by virtue of the Civil Partnership Act 2004 (c. 33) (and “civil partner” is to be read accordingly);

• “enactment” includes any provision comprised in—

  (a)

  an Act of the Scottish Parliament;

  (b)

  Northern Ireland legislation;

  (c)

  an instrument made under any enactment.