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The Occupational Pension Schemes (Transitional Provisions and Savings) Regulations 1990

S.I. 1990/1530 · Made 25 July 1990

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

PENSIONS

Made 25th July 1990

Laid before Parliament 27th July 1990

Coming into force 17th August 1990

The Secretary of State for Social Security, in exercise of the powers conferred upon him by section 166(1) and (2) of the Social Security Act 1975f1and section 21(3) of the Social Security Act 1990f2, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1975 c. 14. Section 166(1) to (3A) applies to powers to make regulations under the Social Security Act 1990 by virtue of section 19(1) of that Act.

f2

1990 c. 27.

Contents

  1. 1Citation and commencement
  2. 2Payments to employers
  3. Signature
  4. Explanatory note

1Citation and commencement

(1)

These Regulations may be cited as the Occupational Pension Schemes (Transitional Provisions and Savings) Regulations 1990.

(2)

These Regulations come into force on 17th August 1990.

2Payments to employers

(1)

This regulation is made in connection with the coming into force of section 11(3) to (6) of the Social Security Act 1990 (which limits the circumstances in which payments may be made to an employer out of the resources of an occupational pension scheme).

(2)

Section 11(3) does not apply, in relation to any scheme established before17th August 1990, to any payment to the employer—

(a)

by way of reimbursement of expenditure properly incurred by the employer in respect of an obligation of the trustees or managers in respect of the scheme;

(b)

by way of interest on, or repayment of, a loan from the employer;

(c)

by way of loan or investment of scheme funds provided it is a loan or investment showing a reasonable commercial return;

(d)

which the trustees or managers are obliged to make under the provisions of a scheme to enable the employer to obtain the discharge by a member of the scheme of some monetary obligation due to the employer which arises out of a criminal, negligent or fraudulent act or omission by the member concerned;

(e)

by way of reimbursement of a payment by the employer of a contributions equivalent premium under section 42 of the Social Security Pensions Act 1975f1or a limited revaluation premium under section 45 of that Act; or

(f)

where proposals for making the payment were submitted to the Commissioners of Inland Revenue for approval, and received by them, before 17th July 1990.

Signature

Signed by authority of the Secretary of State for Social Security.

Nicolas Scott

Minister of State

Department of Social Security

25th July 1990

Explanatory note

(This note is not part of the Regulations)

These Regulations make transitional provisions and savings in connection with the coming into force of section 11(3) to (6) of the Social Security Act 1990.

Section 11(3) to (6) of the Social Security Act 1990 limits the circumstances in which payments can be made to an employer out of the resources of an occupational pension scheme. Regulation 2 says that certain kinds of payments may continue to be made even if those circumstances do not exist.