Perpetuities and Accumulations Act 2009
| Jurisdiction | UK Non-devolved |
| Citation | 2009 c. 18 |
| Year | 2009 |
(1) The rule against perpetuities applies (and applies only) as provided by this section.(2) If an instrument limits property in trust so as to create successive estates or interests the rule applies to each of the estates or interests.(3) If an instrument limits property in trust so as to create an estate or interest which is subject to a condition precedent and which is not one of successive estates or interests, the rule applies to the estate or interest.any right of re-entry exercisable if the condition is broken, orany equivalent right exercisable in the case of property other than land if the condition is broken.(5) If an instrument which is a will limits personal property so as to create successive interests under the doctrine of executory bequests, the rule applies to each of the interests.(6) If an instrument creates a power of appointment the rule applies to the power.which arises under a right of reverter on the determination of a determinable fee simple, orwhich arises under a resulting trust on the determination of a determinable interest.(8) This section has effect subject to the exceptions made by section 2 and to any exceptions made under section 3.(9) In section 4(3) of the Law of Property Act 1925 (c. 20) (rights of entry affecting a legal estate) omit the words from “but” to the end.(1) This section contains exceptions to the application of the rule against perpetuities.(2) The rule does not apply to an estate or interest created so as to vest in a charity on the occurrence of an event if immediately before the occurrence an estate or interest in the property concerned is vested in another charity.(3) The rule does not apply to a right exercisable by a charity on the occurrence of an event if immediately before the occurrence an estate or interest in the property concerned is vested in another charity.(4) The rule does not apply to an interest or right arising under a relevant pension scheme.an instrument nominating benefits under the scheme, oran instrument made in the exercise of a power of advancement arising under the scheme.in cases of a specified description, orif specified conditions are fulfilled.(2) Different descriptions and conditions may be specified for different purposes.(3) Any order under this section may include such supplementary, incidental, consequential or transitional provisions as appear to the Lord Chancellor to be necessary or expedient.(4) In this section “specified” means specified in the order.(5) The power to make an order under this section is exercisable by statutory instrument.(6) A statutory instrument containing an order under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.(a) section 121(6) of the Law of Property Act 1925 (c. 20) (rule against perpetuities not to apply to certain powers and remedies) ;(b) section 162 of that Act (declaration that rule does not apply in certain cases) ;(c) section 163 of the Pension Schemes Act 1993 (c. 48) (rule not to apply to trusts and dispositions concerning certain pension schemes) .(1) The perpetuity period is 125 years (and no other period) .(2) Subsection (1) applies whether or not the instrument referred to in section 1(2) to (6) specifies a perpetuity period; and a specification of a perpetuity period in that instrument is ineffective.(1) The perpetuity period starts when the instrument referred to in section 1(2) to (6) takes effect; but this is subject to subsections (2) and (3) .(2) If section 1(2) , (3) or (4) applies and the instrument is made in the exercise of a special power of appointment the perpetuity period starts when the instrument creating the power takes effect; but this is subject to subsection (3) .the instrument nominates benefits under a relevant pension scheme, orthe instrument is made in the exercise of a power of advancement arising under a relevant pension scheme,(4) The member concerned is the member in respect of whose interest in the scheme the instrument is made.(1) Subsection (2) applies if (apart from this section and section 8) an estate or interest would be void on the ground that it might not become vested until too remote a time.until such time (if any) as it becomes established that the vesting must occur (if at all) after the end of the perpetuity period the estate or interest must be treated as if it were not subject to the rule against perpetuities, andif it becomes so established, that does not affect the validity of anything previously done (whether by way of advancement, application of intermediate income or otherwise) in relation to the estate or interest.a right of re-entry exercisable if a condition subsequent is broken;an equivalent right exercisable in the case of property other than land if a condition subsequent is broken;a special power of appointment.the right or power must be treated as regards any exercise of it within the perpetuity period as if it were not subject to the rule against perpetuities, andthe right or power must be treated as void for remoteness only if and so far as it is
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