The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990

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 , after considering the report of the Occupational Pensions Board on the proposals submitted to them , hereby makes the following Regulations:

Citation and commencement

1

• (1) These Regulations may be cited as the Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990.

• (2) These Regulations come into force on 27th June 1990. Definitions

2

In these Regulations—

• “the Act” means the Pension Schemes Act 1993

• “Taxes Act” means the Income and Corporation Taxes Act 1988 .

Occupational pension schemes that qualify under section 69 of the 1973 Act

3

• (1) 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.

• (2) 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).

• (3) 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).

• (4) 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.

• (5) This paragraph requires the scheme, or part of the scheme, to be either—

• (a) an occupational pension scheme which is—

• (i) registered under section 153 of the Finance Act 2004, or

• (ii) 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.

• (6) 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.

Personal pension schemes that qualify under section 69 of the 1973 Act

4

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—

• (a) registered under section 153 of the Finance Act 2004; or

• (b) 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.

Schemes that cease to qualify under section 69 of the 1973 Act

5

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 be 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 Secretary of State considers reasonable in the case of the particular scheme.

Revocation of the Occupational Pension Schemes (Perpetuities) Regulations 1973

6

The Occupational Pension Schemes (Perpetuities) Regulations 1973 and the Occupational Pension Schemes (Perpetuities) Amendment Regulations 1975 are revoked.

Signed

Signed by authority of the Secretary of State for Social Security.

Nicholas Scott — Minister of State, — 1990-05-29

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 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).

[^f00002]: See section 68(1) and (2) of the Social Security Act 1973 (c. 38).

[^f00003]: 1988 c. 1.

[^f00004]: S.I. 1973/1431.

[^f00005]: S.I. 1975/957.

Occupational pension schemes to which section 163 of the Act applies

Personal pension schemes to which section 163 of the Act applies

Schemes that cease to qualify under section 69 of the 1973 Act

Revocation of the Occupational Pension Schemes (Perpetuities) Regulations 1973

Editorial notes

[^c2181160]: 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).

[^c2181161]: See section 68(1) and (2) of the Social Security Act 1973 (c. 38).

[^c2181162]: 1988 c. 1.

[^c2181163]: S.I. 1973/1431.

[^c2181164]: S.I. 1975/957.

[^key-6334667651f9955902232b0931f3209a]: Words in reg. 2 substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 24(2)

[^key-86fcc7a085832bab05a84db7faa969f9]: Words in reg. 5 substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 24(4)

[^M_F_1b7c62b4-3efd-4119-b44e-eaa74ab7299a]: Words in reg. 5 substituted (6.4.1997) by S.I. 1996/2131, reg. 3

[^key-ef252a3424d3369bede6d6f2a83ed809]: Reg. 3 substituted (6.4.2006) by Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 5(2)

[^M_F_edcc9a3b-6c42-4af5-f499-9e8bfcd8064c]: Reg. 4 substituted (6.4.2006) by S.I. 2006/744, arts. 1, 5(2)