Statutory Instrument 1995 No. 3103

The Retirement Benefits Schemes (Information Powers) Regulations 1995

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© Crown Copyright 1995

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1995 No. 3103

INCOME TAX

The Retirement Benefits Schemes (Information Powers) Regulations 1995

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 605(1A), (1B), (1D) and (1E) of the Income and Corporation Taxes Act 1988^[1], hereby make the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Retirement Benefits Schemes (Information Powers) Regulations 1995 and shall come into force on 1st January 1996.

Interpretation
    2.    In these Regulations unless the context otherwise requires—
"actuary" means—
 (a) a Fellow of the Institute of Actuaries, or
 (b) a Fellow of the Faculty of Actuaries, or
 (c) a person with other actuarial qualifications who has been approved as being a proper person to act for the purposes of regulation 8 of the Occupational Pension Schemes (Disclosure of Information) Regulations 1986^[2] in connection with the scheme;


"approved", in relation to a retirement benefits scheme, means—
 (a) approved by the Board for the purposes of Chapter I, or
 (b) before the Board in order for them to decide whether to give approval for the purposes of that Chapter;


"the Board" means the Commissioners of Inland Revenue;


"Chapter I" means Chapter I of Part XIV of the Taxes Act;


"company" means any body corporate or unincorporated association, but does not include a partnership;


"controlling director" has the meaning given by paragraph 5(5) of Schedule 23 to the Taxes Act;


"exempt approved scheme" means an approved scheme which is for the time being within paragraph (a) or (b) of section 592(1) of the Taxes Act;


"friendly society" has the meaning given by section 116 of the Friendly Societies Act 1992^[3];


"insurance company" has the meaning given by section 659B of the Taxes Act^[4];


"insured scheme" means an approved scheme, the contributions to which, apart from voluntary contributions made by members, are invested wholly by way of insurance premiums, and the policies in respect of which do not provide that levels of contributions require to take account of surpluses, but does not include a scheme—
 (a) the policies in respect of which provide only for lump sum benefits for members on death before the normal retirement date, or
 (b) which is a simplified defined contribution scheme;


"large self-administered scheme" means a self-administered scheme which is not a small self-administered scheme and is not a simplified defined contribution scheme;


"member", in relation to a retirement benefits scheme, means a member of the scheme to whom benefit is currently accruing as a result of service as an employee;


"normal retirement date" means the date specified in the rules of a retirement benefits scheme as the date at which an employee will normally retire;


"permitted maximum" has the meaning given by section 590C of the Taxes Act^[5];


"relevant statutory scheme" has the meaning given by section 611A of the Taxes Act^[6];


"retirement benefits scheme" has the meaning given by section 611(1) of the Taxes Act;


"scheme year" means—
 (a) a year specified for the purposes of the scheme in any document comprising the scheme or, if no year is specified, a period of 12 months commencing on 1st April or on such other date as the trustees select; or
 (b) such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the trustees—
 (i) in respect of the scheme year in which the scheme commences or terminates, or
 (ii) in connection with a variation of the date on which the scheme year is to commence;


"self-administered scheme" means an approved scheme some or all of the income and other assets of which are invested otherwise than in insurance policies;


"shares" includes stock;


"simplified defined contribution scheme" means a retirement benefits scheme approved by the Board by reference to limitations on—
 (a) the aggregate amount of the contributions which may be paid by a member and his employer,
 (b) the maximum lump sum which may be provided under the scheme, and
 (c) the benefits payable on death which may be provided under the scheme;


"small self-administered scheme" has the meaning given by regulation 2(1) of the 1991 Regulations;


"special contribution" means any contribution paid to a retirement benefits scheme by an employer which is neither a fixed amount paid annually, whether in instalments or otherwise nor an annual amount, that is payable over a period of three years or more and is calculated on a consistent basis in accordance with actuarial principles by reference to the earnings, contributions or number of members of the scheme;


"Taxes Act" means the Income and Corporation Taxes Act 1988;


"unlisted company" means a company which is not officially listed on a recognised stock exchange within the meaning of section 841(1) of the Taxes Act;


"1991 Regulations" means the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991^[7].

[1] 1988 c. 1; subsections (1A) to (1E) of section 605 were inserted by section 105(2) of the Finance Act 1994 (c. 9). back

[2] S.I. 1986/1046; amended by S.I. 1986/1717, 1987/1105, 1988/476 and 1992/1351. back

[3] 1992 c. 40. back

[4] Section 659B was inserted by section 59(5) of the Finance Act 1995 (c. 4). back

[5] Section 590C was inserted by paragraph 4 of Schedule 6 to the Finance Act 1989 (c. 26) and amended by section 107(4) and (5) of the Finance Act 1993 (c. 34). back

[6] Section 611A was inserted by paragraph 15 of Schedule 6 to the Finance Act 1989. back

[7] S.I. 1991/1614. back

Explanatory Note