The Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 2005

• Citation: S.I. 2005/2360
• Sections: 4

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 2005 and shall come into force on 22nd September 2005.

(2) In these Regulations—

“ the 2004 Act ” means the Pensions Act 2004;

“ approved scheme ” means an occupational pension scheme—

which is approved under section 590 (conditions for approval of retirement benefit schemes) or 591 (discretionary approval) of the Income and Corporation Taxes Act 1988 ; or

in respect of which an application for such approval has been made but has not been determined before 6th April 2006;

“ public service pension scheme ” has the meaning given by section 1(1) of the Pension Schemes Act 1993 (categories of pension schemes);

“ registered scheme ” means a scheme which is registered in accordance with section 153 of the Finance Act 2004 (registration of pension schemes);

“relevant benefits”, before 6th April 2006, has the meaning given by section 612(1) of the Income and Corporation Taxes Act 1988 and, from that date onwards, has the meaning given by section 393B of the Income Tax (Earnings and Pensions) Act 2003 (relevant benefits);

“ relevant statutory scheme ” has the meaning given by section 611A of the Income and Corporation Taxes Act 1988 (definition of relevant statutory scheme).

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Section 1A Application

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Section 2 Exemption from trust requirement

An occupational pension scheme which is—

(a) a public service pension scheme;

(b) an occupational pension scheme with fewer than two members; or

(c) an occupational pension scheme which—

(i) has fewer than 100 members;

(ii) provides relevant benefits; and

(iii) is neither—

(aa) an approved scheme;

(bb) a relevant statutory scheme; nor

(cc) a registered scheme;

is a scheme of a prescribed description for the purposes of section 252(4) of the 2004 Act (UK-based scheme to be trust with effective rules).

Section 3 Exemption from retirement-benefit activities limitation

An occupational pension scheme which—

(a) has fewer than 100 members;

(b) provides relevant benefits; and

(c) is neither—

(i) an approved scheme;

(ii) a relevant statutory scheme; nor

(iii) a registered scheme;

is a scheme of a prescribed description for the purposes of section 255(2) of the 2004 Act (activities of occupational pension schemes).