The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2012 (SI 2012/1795) come into force on 1 August and will have retrospective effect from 6 April 2011. The regulations will ensure that the reforms introduced as part of Finance Act 2011 properly apply to relevant non-UK pension schemes in line with registered pension schemes in the UK and that the tax rules applying to such members and schemes are compliant with EU law.

With effect from 6 April 2011, the effective requirement to annuitise at age 75 has been removed. The amendments replace the concept of an 'unsecured pension' and an 'alternatively secured pension' with the concept of a 'drawdown pension'.