The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990

• Citation: S.I. 1990/1143
• Sections: 6

Section 1 Citation and commencement

(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

Section 2

In these Regulations—

“ the Act” means the Pension Schemes Act 1993

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

Section 3 Occupational pension schemes to which section 163 of the Act applies

(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.

Section 4 Personal pension schemes to which section 163 of the Act applies

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.

Section 5 Schemes that cease to qualify under section 69 of the 1973 Act

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.

Section 6 Revocation of the Occupational Pension Schemes (Perpetuities) Regulations 1973

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