Citation and commencement

1. These Regulations may be cited as the Occupational and Personal Pension Schemes (Perpetuities and Contracting-out) Amendment Regulations 2001 and shall come into force on 6th April 2001.

Amendment of the Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990

2. In regulation 3 of the Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990 (occupational pension schemes prescribed for purposes of exemption from rule against perpetuities)( 3 ) —

(a) in paragraph (3) after the word “fund” there shall be inserted the words “to which section 615(3) of the Taxes Act (fund established in connection with foreign trade or undertaking)( 4 ) applies, or”;

(b) in paragraph (5) for the words from “Taxes Act” (where those words first occur) to “Taxes Act” (where they next occur) there shall be substituted the words “Taxes Act or a personal pension scheme (within the meaning of that Part) so approved for the purposes of Chapter IV of that Part; and where an application has been made for approval (in either such case)”; and

(c) in paragraph (6)—

(i) after the word “under” there shall be inserted the words “section 192(3) or”, and

(ii) after the words “purposes of” there shall be inserted the words “Chapter IV or, as the case may be,”.

Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

3. In regulation 40 of the Occupational Pension Schemes (Contracting-out) Regulations 1996(schemes which may not be contracted-out under section 9(3) of the Pension Schemes Act 1993)( 5 ) for the words from “a scheme” to “Taxes Act” there shall be substituted the words “an occupational pension scheme which is not an exempt approved scheme within the meaning of section 592(1) of the Taxes Act or which is not an approved personal pension scheme under Chapter IV of Part XIV of that Act( 6 )”.

Amendment of the Personal Pension Schemes (Appropriate Schemes) Regulations 1997

4. In regulation 2 of the Personal Pension Schemes (Appropriate Schemes) Regulations 1997 (forms of schemes which may be appropriate schemes)( 7 )—

(a) for paragraph (1) there shall be substituted the following paragraph:-

“ (1) A personal pension scheme can be an appropriate scheme only if—

(a) it is approved by the Inland Revenue—

(i) under Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988, or

(ii) under Chapter I of that Part by reference to section 591(2)(h) of that Act; and

(b) it is a scheme—

(i) which is a stakeholder pension scheme under Part I of the Welfare Reform and Pensions Act 1999 ( 8 ) , but which is not a self-invested personal pension scheme, or

(ii) which takes one of the forms (but not more than one) specified in paragraph (2). ” ; and

(b) after paragraph (3) there shall be inserted the following paragraph:-

“ (4) In this regulation, “self-invested personal pension scheme” has the meaning given by regulation 3 of the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001 ( 9 ) . ” .