Explanatory note

Section 19 of the Finance (No. 2) Act 1987 gives the Commissioners of Inland Revenue power on application to them to approve personal pension schemes established under Chapter II of Part I of that Act, and section 56(2) provides that the Commissioners may by regulations make provisions for the provisional approval of such schemes where applications are made before 1st August 1989 notwithstanding that the Commissioners have not satisfied themselves that the schemes comply with sections 20 to 30 of the Act.

Regulation 1 provides for commencement and citation, and regulation 2 for interpretation.

Regulation 3 provides conditions subject to which provisional approval may be granted, and regulation 4 provides that in the circumstances there mentioned the Commissioners shall by notice, given to the person who has power to amend the rules of the scheme, require the rules of a scheme be amended so that it complies with sections 20 to 30 of the Act.

Regulation 5 provides that if at the expiration of the period specified in regulation 4 the Commissioners are not satisfied that a scheme complies with sections 20 to 30 of the Act, the Commissioners shall give notice to the applicant for approval of withdrawal of approval of the scheme as from the date of approval thereof; and regulation 6 provides a right of appeal against a notice under regulation 5.