Regulation 7 Approval of participants

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 7(1) words omitted by Taxation of Pension Schemes 2006 art. 23(5)(a)
reg. 7(2) words substituted by Taxation of Pension Schemes 2006 art. 23(5)(b)
reg. 7(3) words substituted by Taxation of Pension Schemes 2006 art. 23(5)(c)(i)
reg. 7(3)(f) substituted for reg. 7(f)(g) by Taxation of Pension Schemes 2006 art. 23(5)(c)(ii)
reg. 7(3)(h)-(o) omitted by Taxation of Pension Schemes 2006 art. 23(5)(c)(iii)
reg. 7(4) omitted by Taxation of Pension Schemes 2006 art. 23(5)(d)
reg. 7(6)(b) substituted by Taxation of Pension Schemes 2006 art. 23(5)(e)

(1)

An application for approval of a scheme or fund as eligible to participate in a pension funds pooling scheme shall be made in writing by the trustee of that pension funds pooling scheme to the Board and shall contain the information specified in paragraph (2) or, as the case may be, in paragraph (3) or (4).

(2)

As regards an exempt approved scheme or a superannuation fund, the information is—

(a)

the full title of the scheme or fund;

(b)

the Board’s reference number relating to the scheme or fund.

(3)

As regards an overseas scheme other than a scheme falling within paragraph (4) below, the information is—

(a)

the full title of the scheme;

(b)

where the scheme is established under trust, the names and addresses of the sponsors and trustees of the scheme;

(c)

where the scheme is not established under trust, the names and addresses of the sponsors and managers of the scheme;

(d)

the names and addresses of any employers who contribute to, but are not sponsors of, the scheme;

(e)

where the arrangements constituting the scheme are made between two or more persons, details of any undertakings or promises made between any of those persons that are, or are likely to be, relevant to the custodianship of any rights or interests of that scheme in the pension funds pooling scheme, and the name and address of each of those persons;

(f)

identification of the legislative and, if applicable, the regulatory provision under which the scheme is authorised for tax or supervisory purposes;

(g)

a copy of any letter or other document issued by the relevant tax authority or by the relevant supervisory authority confirming the authorised status of the scheme, together with a translation into English where the letter or other document is in a language other than English;

(h)

the normal age of retirement under the scheme for male employees and female employees respectively;

(i)

details showing how the amounts of the contributions payable to the scheme by employers and employees are calculated in respect of all employees who are members of the scheme within the meaning given by section 591D(8) of the Taxes Act^f1;

(j)

details of the amounts of any contributions payable to the scheme by a person in a capacity other than that of employer or employee;

(k)

details of the amounts of any supplementary voluntary contributions (including single lump sum contributions) which an employee is entitled to pay to the scheme;

(l)

details of any benefits, including loans, which may be provided by the scheme to or on behalf of an employee on death or on or during retirement;

(m)

details of any benefits, including loans, which may be provided by the scheme to or on behalf of an employee otherwise than on death or on or during retirement;

(n)

details of any withdrawals which may be made from the scheme by or on behalf of an employee otherwise than on death or on or during retirement;

(o)

where the scheme enables loans or other benefits to be provided within sub-paragraph (m), or withdrawals to be made within sub-paragraph (n), or any other benefits to be provided which are not related to employment, a copy of the rules of the scheme together with a translation into English where the rules are in a language other than English.

(4)

As regards an overseas scheme falling within a class or description of scheme in relation to which the Board have announced that they are satisfied, having regard to the legislative provision under which the scheme is established, or the supervisory control of the operation of the scheme by the government of the territory in which it is established, that the information specified in sub-paragraphs (h) to (o) of paragraph (3) is not required, the information is the like information as that specified in sub-paragraphs (a) to (g) of that paragraph.

(5)

Where the Board determine to approve a scheme or fund pursuant to an application under paragraph (1), they shall give notice of the approval to the trustee of the pension funds pooling scheme.

(6)

Approval may be given by the Board in full where they are satisfied that the scheme or fund is eligible to participate in the pension funds pooling scheme, or may be given on a provisional basis—

(a)

in the case of a scheme falling within paragraph (3), pending the Board’s consideration of information received by them pursuant to that paragraph, or

(b)

in the case of an exempt approved scheme or a superannuation fund which is before the Board for the purpose referred to in regulation 2(2)(b) or (3)(b) (as the case may be).

(7)

On receipt of a notice of approval, the trustee of the pension funds pooling scheme may admit the scheme or fund which is the subject of the notice to be a participant in the pension funds pooling scheme.

(8)

The Board shall, by notice to the trustee, either convert to full approval or revoke an approval given on a provisional basis and, where the approval is revoked, the notice shall state the reason why it is considered by the Board that the participant is not eligible to participate in the pension funds pooling scheme.

(9)

The Board may, by notice to the trustee, withdraw approval of a participant where they are satisfied that a participant is not eligible to participate in the pension funds pooling scheme, and the notice shall state the reason why it is considered by the Board that the participant is not so eligible.

(10)

In this regulation references to a pension funds pooling scheme include references to any arrangements which, although not constituting such a scheme at the time an application for approval is made under paragraph (1), have been entered into with the intention that they will constitute such a scheme, and references to the trustee of a pension funds pooling scheme shall be construed accordingly.

Annotations

Footnotes

f1: Section 591D was inserted by section 61(1) of the Finance Act 1995.