The Pension Schemes (Reduction in Pension Rates) (Amendment) Regulations 2009
These Regulations amend the Pension Schemes (Reduction in Pension Rates) Regulations 2006 (“the 2006 Regulations “) in order to prescribe further circumstances in which a pension may be reduced without infringing the condition in paragraph 2(3) of Schedule 28 to the Finance Act 2004 (“the 2004 Act”). If that condition is breached, the pension will not qualify as a “scheme pension” and this will give rise to certain tax charges.