The Government, on Thur 13.4.2017, released exposure draft regulations proposing to expand the definition of “capped defined benefit income stream” to cover additional defined benefit pensions that permit commutation, or would otherwise fall outside the general scope of the provisions. For example, lifetime pensions commuted outside of 6 months from commencement, reversionary child pensions, reversionary pensions commuted after 20 years and certain invalidity pensions. The Draft Regs will also prescribe the valuation rules for the additional income streams.
SUBMISSIONS are due by 4 May 2017.
[Treasury Website: Consultation Page; Draft Regulation; LTN 70, 13/04/17]