The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1990

• Citation: S.I. 1990/1141
• Sections: 8

Section 1 Citation and commencement

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

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

Section 2 Amendment to the Occupational Pensions Board ((Determinations and Review Procedure) Regulations 1976

Regulation 4(2) of the Occupational Pensions Board (Determinations and Review Procedure) Regulations 1976 (which deals with cases where the Board may cancel a contracting-out certificate with retrospective effect) is amended by replacing sub-paragraph (c) with the following —

(c) in a case where the Board discover that the scheme did not satisfy the requirements for being a contracted-out scheme at the date the contracting-out certificate was issued, in which case the date may be the date from which the certificate had effect or any later date, or

(d) in a case where the Board consider that the scheme has ceased to satisfy the requirements for being a contracted-out scheme, in which case the date may be any date not earlier than when, in the Board’s opinion, the scheme ceased to satisfy those requirements.

Section 3 Amendment to the Occupational Pension Schemes (Presenraffon of Benefit) Regulations 1984

Regulation 12(1)(a) of the Occupational Pension Schemes (Preservation of Benefit) Regulations l984 (which deals with early benefit as an alternative to short service benefit) is amended by replacing the words “smaller than” with the words “the same as, or different in amount from,”.

Section 4 Amendment to the Contracting-out (Protection of Pensions) Regulations 1984

The Contracting-out (Protection of Pensions) Regulations 1984 are amended by revoking regulation 2 (schemes which provide benefit equal to or larger than short service benefit for certain members before normal pension age).

Section 5 Amendment to the Occupational Pension Schemes (Revaluation) Regulations 1985

The Occupational Pension Schemes (Revaluation) Regulations 1985 are amended by revoking regulation 7 (schemes which provide benefit equal to or larger than short service benefit for certain members before normal pension age).

Section 6 Amendments to the Money Purchase Contracted-out Schemes Regulations 1987

(1) The Schedule to the Money Purchase Contracted-out Schemes Regulations 1987 (which specifies permitted investments) is amended as described in paragraphs (2) and (3) of this regulation.

(2) Paragraph l(a)(ii) is amended by replacing the words “has disclosed in its audited accounts in the year 1987” with the following —

is authorised under regulation 5 or 6 of the Friendly Societies (Long Term Insurance Business) Regulations 1987 to carry on long term business as defined in those Regulations

(3) Paragraph 4 is amended by replacing sub-paragraph (b) with the following —

(b) a pension vehicle as defined in item 14 of the Schedule to the Building Societies (Designation of Qualifying Bodies) Order 1988 which is associated with a building society as described in section 18(17) of the Building Societies Act 1986 ;

Section 7 Amendment of the Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987

(1) Regulation 4 of the Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987 (which modifies provisions of the Social Security Act 1973) is amended as described in paragraphs (2) to (4) of this regulation.

(2) Paragraph (1) is amended by replacing “and (3)” with “to (5)”.

(3) Paragraph (4) is replaced with the following —

(4) Paragraph 9(2)(a) of Schedule 16 shall have effect as if it were replaced with the following —

(a) for the member’s accrued rights to be transferred to another occupational pension scheme with a view to acquiring transfer credits for the member under the other scheme, or to a personal pension scheme or a self-employed pension arrangement with a view to acquiring rights for the member under the rules of the scheme or arrangement; or

(4) The following paragraphs are added at the end —

(5) Paragraph 15(3)(b) of Schedule 16 shall have effect as if it were replaced with the following —

(b) to acquire for the member transfer credits under the rules of another occupational pension scheme or rights under the rules of a personal pension scheme or a self-employed pension arrangement;

(6) In paragraphs (4) and (5) of this regulation, self-employed pension arrangement' means the same as in regulation 2D of the Occupational Pension Schemes (Transfer Values) Regulations 1985. .

Section 8 Amendments to the Personal Pension Schemes (Appropriate Schemes) Regulations 1988

(1) Regulation 3 of the Personal Pension Schemes (Appropriate Schemes) Regulations 1988 (persons who and bodies which may establish schemes) is amended as described in paragraphs (2) and (3) of this regulation.

(2) Paragraph (2) is amended by replacing sub-paragraph (b) with the following —

(b) is authorised under regulation 5 or 6 of the Friendly Societies (Long Term Insurance Business) Regulations 1987 to carry on long term business as defined in those Regulations.

(3) Paragraph (3) is amended by replacing sub-paragraph (b) with the following —

(b) a pension vehicle as defined in item 14 of the Schedule to the Building Societies (Designation of Qualifying Bodies) Order 1988 which is associated with a building society as described in section 18(17) of the Building Societies Act 1986 ;