# The Income Tax (Pension Funds Pooling Schemes) Regulations 1996, Regulation 9: Duties of trustee of a pension funds pooling scheme—participants ceasing to be eligible to participate


(1) On receiving a notification by a participant in accordance with regulation 8(1), the trustee of a pension funds pooling scheme shall, within 14 days after the date of receipt of the notification, give notice to the Board that a notification has been received by him.
(2) A notice under paragraph (1) shall state the full title of the participant concerned and, in the case of a notification received from a participant which is an exempt approved scheme or a superannuation fund, the Board’s reference number relating to that participant.
(3) A notice under paragraph (1) shall be accompanied by—
(a) a copy of the notification received from the participant, and
(b) a copy of the information provided by the participant to the trustee in accordance with regulation 8(2)(b), together with a translation of that information into English where the document in which the information is comprised is in a language other than English.
(4) Where, as a result of receiving any information, other than information provided in accordance with regulation 8(1), the trustee of a pension funds pooling scheme has reason to believe that—
(a) in the case of a participant which is an exempt approved scheme or a superannuation fund, the participant is not eligible to participate in the scheme, or
(b) in the case of a participant which is an overseas scheme, the Board would be likely, were they to be in possession of the information received by the trustee, to have reason to revoke or withdraw their approval of the participant under regulation 7(8) or (9),
the trustee shall, within 14 days after the date of receipt of that information, give notice to the Board containing the information specified in paragraph (5).
(5) The information specified in this paragraph is—
(a) the full title of the participant,
(b) in the case of a participant which is an exempt approved scheme or a superannuation fund, the Board’s reference number relating to the scheme or fund concerned,
(c) details of the information received by the trustee;
(d) a statement setting out the reasons for the trustee’s belief that—
(i) in the case of a participant which is an exempt approved scheme or a superannuation fund, the participant is not eligible to participate in the scheme, or
(ii) in the case of a participant which is an overseas scheme, the Board would be likely to have reason to revoke or withdraw their approval of the participant.
(6) A notice under paragraph (4) above shall be accompanied by a copy of any document in the trustee’s possession that contains information in support of his belief as mentioned in paragraph (5)(d), together with a translation of that information into English where the document is in a language other than English.
(7) Where a notice is given by the trustee under paragraph (1) or (4) in relation to a participant which is an overseas scheme, an officer of the Board may, for the purpose of ascertaining whether or not the participant is eligible to participate in the scheme, by notice require the trustee to furnish him, within such time (not being less than 21 days) as may be provided by the notice, such information relating to the participant as is specified in regulation 7(3) (whether or not the participant is an overseas scheme to which regulation 7(4) applies).
(8) On receiving a notice given by the Board revoking or withdrawing approval under regulation 7(8) or (9), the trustee of the scheme shall forthwith give notice to the participant concerned that every unit in the scheme held by the participant, or by a nominee on its behalf, will be sold or cancelled by the trustee within 28 days after the date on which the notice given by the Board was received by the trustee.
(9) A notice given by the trustee under paragraph (8) shall state the reason why the participant is not eligible to participate in the scheme.
(10) Where all the units referred to in paragraph (8) are sold or cancelled by the trustee within the period of 28 days referred to in that paragraph, the unit trust scheme shall not cease to have the characteristics specified in regulation 4(3)(a) and (b).
(11) Where any of the units referred to in paragraph (8) are not sold or cancelled by the trustee within the period of 28 days referred to in that paragraph, the unit trust scheme shall be regarded as ceasing to satisfy the characteristics specified in regulation 4(3)(a) and (b) with effect from the date on which the notice given by the Board under regulation 7(8) or (9) was received by the trustee.
(12) References in this regulation to a participant which is an exempt approved scheme or a superannuation fund include references to a participant which is no longer an exempt approved scheme or a superannuation fund but which was such a scheme or fund at the time when notice of approval was given by the Board to the trustee in accordance with regulation 7(5).

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Source: https://www.legislation.gov.uk/uksi/1996/1585/regulation/9 (the official version)
Page: https://openlegislation.uk/income-tax-pension-funds-pooling-schemes-regulations-1996/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.