Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990
| Year | 1990 |
1990 No. 1143
PENSIONS
The Personal and Occupational Pension Schemes (Perpetuities) Regulations 1990
Made 29th May 1990
Laid before Parliament 6th June 1990
Coming into force 27th June 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 19731, after considering the report of the Occupational Pensions Board on the proposals submitted to them2, 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 19883.
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Act, the scheme will be treated as satisfying the requirements of this paragraph for so long as the appliction is not withdrawn or refused and the Inland Revenue have not told the applicant that they believe the application has been dropped.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...
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