# The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991, Note: Explanatory note


(This note is not part of the Regulations)
Section 591(6) of the Income and Corporation Taxes Act 1988 provides that regulations made by the Board for the purposes of that section may restrict the Board’s discretion to approve a retirement benefits scheme “a scheme” by reference to the benefits provided by the scheme, the investments held for the purposes of the scheme, the manner in which the scheme is administered or any other circumstances whatever; and these Regulations, which come into force on 5th August 1991, impose restrictions in relation to small self-administered schemes.
Regulation 1 provides for citation and commencement.
Regulation 2 contains definitions and provides for the determination for the purposes of the Regulations of any question whether a person is connected with another and whether any company is associated with an employer.
Regulation 3 restricts the Board’s discretion in relation to small self-administered schemes where—
(a) the Board have previously approved such a scheme of which an employee of the employer who would be entitled to make contributions to the scheme is a member;
(b) subject to regulation 11, the governing instrument of the scheme does not contain provisions of a description specified in regulations 4 to 10.
Regulation 4 specifies provisions which restrict the power of the trustees of a scheme to borrow money.
Regulation 5 specifies provisions which restrict the power of the trustees of a scheme to hold certain assets as investments.
Regulations 6 and 7 specify provisions which restrict the power of the trustees of a scheme to lend money and to acquire shares.
Regulation 8 specifies provisions which restrict the power of the trustees of a scheme to purchase, sell or lease property.
Regulation 9 specifies provisions concerning pensioneer trustees.
Regulation 10 specifies provisions for the furnishing of information and documents to the Board by the administrator of a scheme.
Regulation 11 contains transitional provisions with regard to schemes which had not yet been submitted for the Board’s approval, or were awaiting the Board’s approval, when these Regulations were made.

---
Source: https://www.legislation.gov.uk/uksi/1991/1614/note (the official version)
Page: https://openlegislation.uk/retirement-benefits-schemes-restriction-on-discretion-to-approve-small-self-administered-schemes-regulations-1991/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.