The Personal Pension Schemes (Provisional Approval) (Amendment) Regulations 1988

• Citation: S.I. 1988/1437
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Personal Pension Schemes (Provisional Approval) (Amendment) Regulations 1988 and shall come into force on 2nd September 1988.

Section 2 Interpretation

In these Regulations “the Principal Regulations ” means the Personal Pension Schemes (Provisional Approval) Regulations 1987 .

Section 3 Amendments to the Principal Regulations

In regulation 3 of the Principal Regulations—

(a) for “1st August 1989” there shall be substituted “1st February 1990”;

(b) after the first “and” there shall be inserted “, subject to regulation 3A,”; and

(c) in paragraph (a)(ii) the words from “and that no member” to “the assets of the scheme” shall be omitted.

Section 4 Amendments to the Principal Regulations

After regulation 3 of the Principal Regulations there shall be inserted—

(3A) Where the scheme is established under a trust, the Board may grant approval of the scheme provisionally if the application is also accompanied by a written undertaking by the scheme administrator that provision is made so as to ensure that neither the capital nor the income of the trust fund is paid to a member of the scheme except by the provision of a benefit referred to in sections 633 to 637 of the Income and Corporation Taxes Act 1988.