The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990
S.I. 1990/1143 · Made 29 May 1990 · Extends to United Kingdom
PENSIONS
Made 29th May 1990
Laid before Parliament 6th June 1990
Coming into force 27th June 1990
The Secretary of State for Social Security, in exercise of his powers under sections 69(2), (3), (4) and (5), 96(1) and 99(1) and (3) of the Social Security Act 1973 M1, after considering the report of the Occupational Pensions Board on the proposals submitted to them M2, hereby makes the following Regulations:
Annotations to the whole text
Marginal citations
- M1
1973 c. 38. Section 69 has been amended by paragraph 28 of Schedule 4 to the Social Security Pensions Act 1975 (c. 60) and paragraph 6 of Schedule 10 to the Social Security Act 1986 (c. 50). See the definition of “prescribed” in section 99(1) and the explanation of “regulations” in section 99(3).
- M2
See section 68(1) and (2) of the Social Security Act 1973 (c. 38).
Contents
- 1Citation and commencement
- 2Regulation 2
- 3Occupational pension schemes to which section 163 of the Act applies
- 4Personal pension schemes to which section 163 of the Act applies
- 5Schemes that cease to qualify under section 69 of the 1973 Act
- 6Revocation of the Occupational Pension Schemes (Perpetuities) Regulations 1973
- Signature
- Explanatory note
1Citation and commencement
These Regulations may be cited as the Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990.
These Regulations come into force on 27th June 1990. Definitions
2
3Occupational pension schemes to which section 163 of the Act appliesF1
An occupational pension scheme is a scheme to which section 163 of the Act (exemption of certain schemes from rule against perpetuities) applies at any time when it satisfies the requirements of any of paragraphs (2) to (6) of this regulation.
This paragraph requires the scheme to be a superannuation fund which is to be treated as becoming a registered pension scheme under section 153(9) of the Finance Act 2004 in accordance with paragraph 1(1)(b) and (3) of Schedule 36 to that Act (deemed registration of existing schemes).
This paragraph requires the scheme to be a superannuation fund to which section 615(3) of the Taxes Act (exemption from tax in respect of certain pensions) applies, or to which Her Majesty’s Revenue and Customs give relief from income tax under section 614(5) of the Taxes Act (exemptions and reliefs in respect of income from certain investments etc. of certain pension schemes).
This paragraph requires the scheme to be a trust scheme which is to be treated as becoming a registered pension scheme under section 153(9) of the Finance Act 2004 in accordance with paragraph 1(1)(f) of Schedule 36 to that Act.
This paragraph requires the scheme, or part of the scheme, to be either—
an occupational pension scheme which is—
registered under section 153 of the Finance Act 2004, or
to be treated as becoming a registered pension scheme under section 153(9) of the Finance Act 2004 in accordance with paragraph 1(1)(a) of Schedule 36 to that Act.
This paragraph requires the scheme to be an occupational pension scheme and Her Majesty’s Revenue and Customs to be satisfied under section 153 of the Finance Act 2004, that the scheme corresponds to a scheme registered by Her Majesty’s Revenue and Customs for the purposes of Part 4 of that Act.
4Personal pension schemes to which section 163 of the Act appliesF1
A personal pension scheme is a scheme to which section 163 of the Act applies at any time when the scheme, or a part of the scheme, is either—
registered under section 153 of the Finance Act 2004; or
to be treated as becoming a registered pension scheme under section 153(9) of the Finance Act 2004 in accordance with paragraph 1(1)(g) of Schedule 36 to that Act.
5Schemes that cease to qualify under section 69 of the 1973 Act
An occupational pension scheme that ceases to be contracted-out or to satisfy the requirements of any of paragraphs (2) to (6) of regulation 3, and a personal pension scheme that ceases to be an appropriate scheme or to satisfy the requirements of regulation 4, will nevertheless be treated as continuing to F1be a scheme to which section 163 of the Act applies for a further period of 2 years from the cesser, or for such longer period as the F2Secretary of State considers reasonable in the case of the particular scheme.
6Revocation of the Occupational Pension Schemes (Perpetuities) Regulations 1973
Signature
Signed by authority of the Secretary of State for Social Security.
Nicholas Scott
Minister of State,
Department of Social Security
Explanatory note
(This note is not part of the Regulations)
These regulations replace the Occupational Pension Schemes (Perpetuities) Regulations 1973.
Regulations 3 and 4 set out the requirements for occupational and personal pension schemes to be exempt from the operation of any rules of law relating to perpetuities. Public service pension schemes, contracted-out occupational pension schemes and appropriate personal pension schemes are exempted by section 69(2) of the Social Security Act 1973 whether or not they satisfy these requirements.
Regulation 5 says that schemes that would otherwise cease to be exempt from the rules of law relating to perpetuities on ceasing to satisfy the requirements of section 69(2) of the 1973 Act will continue to be treated as exempt for a further period of 2 years or such longer period as the Occupational Pensions Board consider reasonable.
The report of the Occupational Pensions Board on the draft of these Regulations which was referred to them, together with a statement by the Secretary of State showing that these Regulations give effect to the Board's recommendations, is contained in Command Paper No. 1086, published by Her Majesty's Stationery Office.