The Registered Pension Schemes (Authorised Member Payments) Regulations 2022
These Regulations enable assets held within registered pension schemes which are “dormant” (as defined by regulation 2) to be transferred out of the pension scheme into an “authorised reclaim fund”, of the description given in section 26 of the Dormant Assets Act 2022, without incurring charges to income tax further to sections 208, 209 and 239 of the Finance Act 2004, otherwise known as unauthorised payment income tax charges. The payments which these Regulations prescribe must include a “transfer” of “eligible pension benefits” (both terms are defined by regulation 2). Transfers which do not meet these specified requirements and which are not otherwise authorised in accordance with section 164(1) of the Finance Act 2004 will remain subject to unauthorised payment income tax charges.