Explanatory note

These Regulations, which come into force on 4th April 1990, amend the Occupational Pension Schemes (Additional Voluntary Contributions) Regulations 1987 (“the Principal Regulations”).

Regulation 1 provides for citation and commencement and regulation 2 contains a definition.

Regulation 3 inserts in regulation 2 of the Principal Regulations definitions of “permitted maximum contributions”, “permitted maximum remuneration” and “remun-eration” and provides for the construction of references to a controlling director in those Regulations.

Regulation 4 substitutes a new regulation 4 of the Principal Regulations which contains a revised description of the cases in which relief for additional voluntary contributions is to be given in accordance with section 593 of the Income and Corporation Taxes Act 1988.

Regulation 5(1) substitutes a new paragraph (1) of regulation 5 of the Principal Regulations which contains a revised statement of the conditions subject to which relief is to be given. Regulation 5(2) amends regulation 5(2) of the Principal Regulations, in which the particulars which a scheme member is required to furnish are specified, and regulation 5(3) adds new paragraphs (3) and (4) to regulation 5 of the Principal Regulations to provide for the furnishing of declarations and undertakings by scheme members.

Regulation 6 amends regulation 13(4) of the Principal Regulations so as to secure that all particulars, declarations and undertakings furnished under Regulation 5 of the Principal Regulations must be preserved for a period of six years (previously, three years) following the date on which the scheme member to whom they relate ceased to pay contributions to a scheme (previously, ceased to be a member of a scheme).