Statutory Instrument 1990 No. 1143

The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990

---

© Crown Copyright 1990

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990, ISBN 011041437. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1990 No. 1143

PENSIONS

The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990

The Secretary of State for Social Security, in exercise of his powers under sections 69(2), (3), (4) and (5), 96(1) and 99(1) and (3) of the Social Security Act 1973^[1], after considering the report of the Occupational Pensions Board on the proposals submitted to them^[2], hereby makes the following Regulations:

Citation and commencement
    1.—(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

    2.    In these Regulations—
"1973 Act" means the Social Security Act 1973.


"Taxes Act" means the Income and Corporation Taxes Act 1988^[3].

Occupational pension schemes that qualify under section 69 of the 1973 Act
    3.—(1)  An occupational pension scheme qualifies under section 69 of the 1973 Act 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 to which exemption from income tax is allowed under section 608 of the Taxes Act.

    (3)  This paragraph requires the scheme to be a superannuation fund to which the Inland Revenue give relief from income tax under section 614(5) of the Taxes Act.

    (4)  This paragraph requires the scheme to be a trust scheme approved by the Inland Revenue for the purposes of section 620(5) of the Taxes Act.

    (5)  This paragraph requires the scheme, or part of the scheme, to be a retirement benefits scheme approved by the Inland Revenue for the purposes of Chapter I of Part XIV of the Taxes Act. Where an application for approval of the scheme or part of the scheme has been made under section 604 of the Taxes Act, the scheme will be treated as satisfying the requirements of this paragraph for so long as the appliction is not withdrawn or refused and the Inland Revenue have not told the applicant that they believe the application has been dropped.

    (6)  This paragraph requires the scheme to be a retirement benefits scheme and the Inland Revenue to be satisfied, under section 596(2)(b) of the Taxes Act, that the scheme corresponds to a scheme approved by the Inland Revenue for the purposes of Chapter I of Part XIV of that Act.

Personal pension schemes that qualify under section 69 of the 1973 Act
    4.    A personal pension scheme qualifies under section 69 of the 1973 Act of any time when it is approved by the Inland Revenue for the purposes of Chapter IV of Part XIV of the Taxes Act.Where an application for approval of the scheme has been made under section 631 of the Taxes Act, the scheme will be treated as satisfying the requirements of this regulation for so long as the application is not withdawn or refused and the Inland Revenue have not told the applicant that they believe the application has been dropped.

Schemes that cease to qualify under section 69 of the 1973 Act
    5.    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 qualify under section 69 of the 1973 Act for a further period of 2 years from the cesser, or for such longer period as the Occupational Pensions Board consider reasonable in the case of the particular scheme.

Revocation of the Occupational Pension Schemes (Perpetuities) Regulations 1973
    6.    The Occupational Pension Schemes (Perpetuities) Regulations 1973^[4] and the Occupational Pension Schemes (Perpetuities) Amendment Regulations 1975^[5] are revoked.

Signed by authority of the Secretary of State for Social Security.

Nicholas Scott

Minister of State, Department of Social Security

29th May 1990

These regulations replace the Occupational Pension Schemes (Perpetuities) Regulations 1973.

Regulations 3 and 4 set out the requirements for occupational and personal pension schemes to be exempt from the operation of any rules of law relating to perpetuities. Public service pension schemes, contracted-out occupational pension schemes and appropriate personal pension schemes are exempted by section 69(2) of the Social Security Act 1973 whether or not they satisfy these requirements.

Regulation 5 says that schemes that would otherwise cease to be exempt from the rules of law relating to perpetuities on ceasing to satisfy the requirements of section 69(2) of the 1973 Act will continue to be treated as exempt for a further period of 2 years or such longer period as the Occupational Pensions Board consider reasonable.

The report of the Occupational Pensions Board on the draft of these Regulations which was referred to them, together with a statement by the Secretary of State showing that these Regulations give effect to the Board's recommendations, is contained in Command Paper No. 1086, published by Her Majesty's Stationery Office.

[1] 1973 c. 38. Section 69 has been amended by paragraph 28 of Schedule 4 to the Social Security Pensions Act 1975 (c. 60) and paragraph 6 of Schedule 10 to the Social Security Act 1986 (c. 50). See the definition of "prescribed" in section 99(1) and the explanation of "regulations" in section 99(3). back

[2] See section 68(1) and (2) of the Social Security Act 1973 (c. 38). back

[3] 1988 c. 1. back

[4] S.I. 1973/1431. back

[5] S.I. 1975/957. back