Explanatory note
(This note is not part of the Regulations)
These Regulations, which come into force on 2nd September 1988, amend the Personal Pension Schemes (Provisional Approval) Regulations 1987 (“the Principal Regulations”).
Regulation 1 provides for the citation and commencement of the Regulations and regulation 2 contains a definition.
Regulation 3 amends regulation 3 of the Principal Regulations (provisional approval: conditions) and regulation 4 inserts a new regulation, regulation 3A, in those Regulations so that—
the Commissioners of Inland Revenue may grant provisional approval of a personal pension scheme if an application for approval is made to them before 1st February 1990;
it ceases to be a condition that the application is accompanied by a written undertaking by the scheme administrator that no member of the scheme will have a beneficial interest in the assets of the scheme; and
where a scheme is established under a trust the Commissioners may grant provisional approval of the scheme if, in addition to other conditions, the application is accompanied by a written undertaking by the scheme administrator that provision is made so as to ensure that neither the capital nor the income of the fund is paid to a member of the scheme except by the provision of a permitted benefit.