Regulation K9 Modifications where transfer is to club scheme

(1)

Regulations K5(3), K6, K8(1) does not apply where the transfer value is to be paid to the trustees or managers of a club scheme.

(2)

In this Part “club scheme” means an occupational pension scheme which—

(a)

provides benefits calculated by reference to the remuneration of the participant;

(b)

(except where it is established and maintained in the Channel Islands or the Isle of Man) is approved by the Commissioners of Inland Revenue under Chapter I of Part XIV of the Income and Corporation Taxes Act 1988^f1;

(c)

is open to new participants, or is a closed scheme the trustees or managers of which also provide an open scheme which is a club scheme for new employees of the same employer and of the same grade or level of post as the participants in the closed scheme; and

(d)

complies with reciprocal arrangements for the payment and receipt of transfer values with the statutory schemes and schemes made under section 7 of the Superannuation Act 1972^f2.

Annotations

Footnotes

f1: 1988 c. 1.
f2: 1972 c. 11.