Regulation 3 Unapproved pension arrangements

England, Wales and Scotland

F1(1)

For the purposes of section 12 of the 1999 Act (effect of bankruptcy on pension rights: unapproved arrangements), a pension arrangement falling within—

(a)

section 157 of the Finance Act 2004 (de-registration);

(b)

paragraphs 52 to 57 of Schedule 36 to that Act; or

(c)

section 393A of the 2003 Act,

shall be an “unapproved pension arrangement” if it satisfies the conditions specified in paragraph (2) below.

(2)

The conditions referred to in paragraph (1) above are that the pension arrangement—

(a)

is established under—

(i)

an irrevocable trust, or

(ii)

a contract, agreement or arrangement made with the bankrupt;

(b)

has as its primary purpose the provision of relevant benefits; and

(c)

is the bankrupt’s sole pension arrangement or his main means of pension provision (other than a pension under Part II of the Social Security Contributions and Benefits Act 1992 (contributory benefits) or Part II of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 M1 (contributory benefits)).

(3)

For the purposes of section 12(2)(c) of the 1999 Act, the prescribed person shall be the responsible person.

Annotations

Textual amendments

F1: Reg. 3(1) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 21(4)

Marginal citations

M1: 1992 c. 7.