The Registered Pension Schemes (Surrender of Relevant Excess) Regulations 2006
Part 4 of the Finance Act 2004 (c. 12) makes provision for the taxation of pension schemes; and Schedule 36 to that Act, which falls within that Part, contains transitional provisions. Under paragraph 12 of Schedule 36 there is no liability to the lifetime allowance charge to income tax if an individual has one or more relevant existing arrangements (as defined by sub-paragraph (4) of paragraph 12). Sub-paragraph (5) of paragraph 12 then provides that notice of intention to rely on that paragraph may not be given in a case where the value (or the aggregate value) of the uncrystallised rights of the individual on 5th April 2006 is arrived at in accordance with paragraph 9 of Schedule 36 unless such rights as, in accordance with regulations, are to be treated as representing the relevant excess have been surrendered. Sub-paragraph (6) of paragraph 12 then defines the expression “the relevant excess”.