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Regulation 91 Disqualification as destination for pension creditI1

Scotland Not yet in force

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

(1)

If a pension credit derives from a pension arrangement which is approved for the purposes of Part XIV of the Income and Corporation Taxes Act 1988, an arrangement is disqualified as a destination for the credit unless–

(a)

it is also approved for those purposes; or

(b)

it satisfies such requirements as the Secretary of State may prescribe by regulations made under paragraph 7(1)(b) of Schedule 5 to the 1999 Act (disqualification as destination for pension credit)f1.

(2)

If the rights by reference to which the amount of a pension credit is determined are or include contracted-out rights, an arrangement is disqualified as a destination for the credit unless–

(a)

it is of a description prescribed by the Secretary of State by regulations made under paragraph 7(2)(a) of Schedule 5 to the 1999 Actf2; and

(b)

it satisfies such requirements as the Secretary of State may so prescribe under paragraph 7(2)(b) of Schedule 5 of the 1999 Actf3.

(3)

An occupational pension scheme is disqualified as a destination for a pension credit unless the rights to be acquired under the arrangement by the person entitled to the credit are rights whose value, when calculated in accordance with regulations made by the Secretary of State under paragraph 7(3) of Schedule 5 to the 1999 Actf4, equals the credit.

(4)

An annuity contract or insurance policy is disqualified as a destination for a pension credit in such circumstances as the Secretary of State may prescribe by regulations made under paragraph 7(4) of Schedule 5 to the 1999 Actf5.

(5)

The requirements which may be prescribed under sub-paragraph (1)(b) include, in particular, requirements of HM Revenue and Customs.

(6)

In paragraph (2)–

  • “contracted-out rights” means such rights under, or derived from–

    1. (a)

      an occupational pension scheme contracted-out by virtue of section 9(2) or (3) of the 1993 Act; or

    2. (b)

      a personal pension scheme which is an appropriate scheme for the purposes of that Act,

    as the Secretary of State may prescribe by regulations made under paragraph 7(6)(b) of Schedule 5 to the 1999 Actf6.

Annotations

Commencement

I1

Reg. 91 in force at 1.4.2009, see reg. 1

Footnotes

f1

See regulation 12 of S.I. 2000/1053.

f2

See regulation 13(1) of S.I. 2000/1053.

f3

See regulation 13(2) of S.I. 2000/1053.

f4

See regulation 14 of S.I. 2000/1053.

f5

See regulation 15 of S.I. 2000/1053.

f6

See regulation 13(3) of S.I. 2000/1053. The definition used here of “contacted-out rights” is found in section 68A(5) of the 1993 Act, as inserted by section 36 of the 1999 Act, and in paragraph 7(6) of Schedule 5 to the 1999 Act.