Explanatory note

These Regulations make a modification to the rules of registered pension schemes, which immediately before 6th April 2006 were pension schemes described in paragraph 1(1) of Schedule 36 to the Finance Act 2004 (“existing pension schemes”), to allow any provision which would have required the agreement of the Inland Revenue or Her Majesty’s Revenue and Customs to make an amendment to a rule of a scheme to be disregarded in so far as that provision requires such agreement.

Regulation 1 provides for the citation and commencement of these Regulations and that regulation 2 shall have effect in relation to any time on or after 6th April 2006.

Regulation 2 modifies the rules of existing pension schemes. It provides that if an existing scheme’s rules require the agreement, consent, approval of, or confirmation of continued approval of the scheme by, the Inland Revenue or the Commissioners for Her Majesty’s Revenue and Customs to make an amendment to a rule of a scheme, any such requirement is to be disregarded during the transitional period.

The transitional period means the period beginning with 6th April 2006 and ending with the earlier of the following: the date with effect from which the rules of a pension scheme are amended to state that the modifications made by these Regulations no longer apply or the end of the tax year 2010-2011.

A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.