Income Tax Citation and commencement 1 These Regulations may be cited as the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations 2017 and shall come into force on 6th April 2017. Amendments to the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 2 The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 are amended as follows. Amendment of Regulation 2 3 In regulation 2 (requirements of an overseas pension scheme)— a in paragraph (1)— i insert “subject to paragraph (2A)” at the start of sub-paragraph (a), and ii omit “and satisfy the requirements in paragraph (4)” in sub-paragraph (b); b in paragraph (2)— i for sub-paragraph (c) substitute— c sub-paragraph (a) is not satisfied by reason only that no such regulatory body exists in the country or territory; or ; ii after sub-paragraph (c) insert— d sub-paragraph (b) is not satisfied by reason only that no such regulatory body exists in the country or territory and— i the scheme is established in another member State, Norway, Iceland or Liechtenstein; or ii there is in the country or territory in which the scheme is established a body— aa which regulates providers of pension schemes; and bb which regulates the provider for the purpose of establishing the scheme in question. ; c after paragraph 2 insert— 2A An overseas public service pension scheme that falls within regulation 3(1B) is deemed to satisfy the requirements in paragraph (2). ; d omit paragraph (4); e omit the definition of “UK tax-relieved scheme funds” in paragraph (5). Amendment of Regulation 3 4 In regulation 3 (recognised overseas pension schemes: prescribed countries or territories and prescribed requirements) — a in paragraph (1) — i omit “one or more of” in sub-paragraph (b); ii insert “and” at the end of sub-paragraph (b)(i); iii in sub-paragraph (b)(ii)— aa insert “for schemes established in Guernsey,” before “the”, and bb insert “.” after “(4)”; and iv omit the rest of sub-paragraph (b); b in paragraph (1B) after “(1A)” insert “and regulation 2(2A)”; c for paragraph (2)(c) substitute— c any country or territory in respect of which there is in force an Order in Council under section 173 of the Finance Act 2006 or section 2 of the Taxation (International and Other Provisions) Act 2010 giving effect in the United Kingdom to an agreement which contains provision about the exchange of information between the parties. ; d omit paragraph (3); e for paragraph 4 substitute— 4 At the time of the transfer of sums or assets which would, subject to these Regulations, constitute a recognised transfer, where the pension scheme is an exempt pension contract or an exempt pension trust within the meaning of section 157E of the Income Tax (Guernsey) Law, 1975 , the scheme must not be open to non-residents of Guernsey. ; f omit paragraph (4A) ; g omit paragraph (5) ; h for paragraph (6A) substitute— 6A The benefits payable to the member under the scheme, to the extent that they consist of the member’s relevant transfer fund or ring-fenced transfer funds— a are payable no earlier than they would be if pension rule 1 in section 165 applied; or b if payable earlier, are only payable in circumstances in which they would be authorised member payments if they were made by a registered pension scheme. . Amendment of Schedule 2 5 Omit Schedule 2 . Jennie Granger Ruth Owen Two of the Commissioners for Her Majesty’s Revenue and Customs 14th March 2017