Statutory Instruments
2000 No. 2314
INCOME TAX
The Personal Pension Schemes (Restriction on Discretion to Approve) (Establishment of Schemes under Trusts) Regulations 2000
Made
29th August 2000
Laid before the House of Commons
31st August 2000
Coming into force
1st October 2000
The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 638A of the Income and Corporation Taxes Act 1988( 1 ), hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Personal Pension Schemes (Restriction on Discretion to Approve) (Establishment of Schemes under Trusts) Regulations 2000 and shall come into force on 1st October 2000.
Interpretation
2. In these Regulations—
(a) “the Board” means the Commissioners of Inland Revenue; and
(b) “small self-administered scheme” means a scheme which, had it been a retirement benefits scheme, would have been a small self-administered scheme within the meaning of regulation 2 of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-Administered Schemes) Regulations 1991( 2 ).
Restriction of Board’s discretion to approve some trust-based personal pension schemes
3. —(1) The Board shall not exercise their discretion to approve a personal pension scheme under section 631 of the Income and Corporation Taxes Act 1988( 3 ), in circumstances where the scheme is established under a trust or trusts by a person other than one mentioned in section 632(1)(a) to (e) of that Act( 4 ), unless either paragraph (2) or (3) of this regulation is satisfied.
(2) This paragraph is satisfied if—
(a) the scheme is a trust scheme within the meaning given by section 124(1) of the Pensions Act 1995( 5 ) or Article 121(1) of the Pensions (Northern Ireland) Order 1995( 6 ); and
(b) the trust deed for the scheme contains a provision that—
(i) applies if the scheme is at any time a small self-administered scheme; and
(ii) falls within the description specified in regulation 9 of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991( 7 ).
(3) This paragraph is satisfied if—
(a) an application has been made under section 2 of the Welfare Reform and Pensions Act 1999( 8 ) or article 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999( 9 ) for the registration of the scheme as a stakeholder pension scheme; and
(b) the approval of the scheme by the Board as a personal pension scheme is conditional on that registration taking place.
Nick Montagu
Ann Chant
Two of the Commissioners of Inland Revenue
29th August 2000
1988 c. 1 . Section 638A was inserted by section 94(1) of the Finance Act 1998 (c. 36) .
S.I. 1991/1614 . The definition of “small self-administered scheme” was substituted by regulation 3(b) of S.I. 1998/728 .
Section 631 was amended by section 94(2) of the Finance Act 1998 (c. 36) and paragraph 6 of Schedule 13 to the Finance Act 2000 (c. 17) .
Section 632 was amended by S.I. 1997/2388 , 1998/993 and the Personal Pension Schemes (Establishment of Schemes) Order 2000 ( 2000/2317 ).
S.I. 1995/3213 .
S.I. 1999/3147 (N.I. 11) .