Pension Schemes Act 1993

38 Alteration of rules of [F1 appropriate schemes][F1 personal pension schemes]. E+W+S

(1) [F2 Where an appropriate scheme certificate has been issued, no alteration of the rules of the relevant scheme shall be made so as—

(a) to affect any of the matters dealt with in sections 26 to 33; or

(b) to cause the scheme to take a different permitted form from that previously taken,

F3 ...

F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F2 No alteration of the rules of a personal pension scheme which was an appropriate scheme shall be made so as—

(a) to affect any of the matters dealt with in sections 26 to 33; or

(b) to cause the scheme to take a different permitted form from that previously taken.]

(2) Subsection (1) does not apply

[F4 (a)] to an alteration of a prescribed description[F5 ; or

(b) where the rules of the relevant scheme are altered to make provision for pensions for surviving civil partners].

(3) Subject to subsection (4), any alteration to which subsection (1) applies shall be voidF6 ... .

(4) [F7 Regulations made by virtue of subsection (2) may] operate so as to validate with retrospective effect any alteration of the rules which would otherwise be void under this section.

(5) [F8 This section shall continue in force in relation to a scheme after it has ceased to be an appropriate scheme so long as any person has protected rights under the scheme.]

[F8 This section has effect in relation to a personal pension scheme for so long as there are persons who have protected rights under the scheme or who are entitled to any benefit giving effect to such rights under it.]

(6) The reference in subsection (1)(b) to a permitted form is to one of the following forms, namely—

(a) an arrangement for the issue of insurance policies or annuity contracts;

(b) a unit trust scheme of a kind mentioned in Part I of Schedule 1 to the M1 Personal Pension Schemes (Appropriate Schemes) Regulations 1988 which [F9 is an authorised unit trust scheme];

(c) an arrangement for the investment of contributions in an interest-bearing account (including shares in or deposits with a building society (within the meaning of the M2 Building Societies Act 1986));

[F10 (d) an open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001.]

[F11 (6A) “Authorised unit trust scheme” has the meaning given in Part 17 of the Financial Services and Markets Act 2000 and includes any scheme which is, as a result of an order made under section 426 of that Act making transitional provisions, treated as falling within that meaning.]

F12 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in s. 38 sidenote substituted (26.9.2007 for specified purposes) by Pensions Act 2007 (c. 22), ss. 15(4), 30(2)(b)(3), Sch. 4 para. 16(4) (with Sch. 4 Pt. 3)

F2 S. 38(1) substituted (26.9.2007 for specified purposes) by Pensions Act 2007 (c. 22), ss. 15(4), 30(2)(b)(3), Sch. 4 para. 16(2) (with Sch. 4 Pt. 3)

F3 Words in s. 38(1) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 40(a), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2

F4 Word in s. 38(2) inserted (5.12.2005) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order 2005 (S.I. 2005/2050), art. 1(3), Sch. 1 para. 13(a)

F5 Words in s. 38(2) inserted (5.12.2005) by The Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order 2005 (S.I. 2005/2050), art. 1(3), Sch. 1 para. 13(b)

F6 Words in s. 38(3) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 40(b), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2

F7 Words in s. 38(4) substituted (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 40(c); S.I. 1997/664, art. 2(3), Sch. Pt. 2

F8 S. 38(5) substituted (26.9.2007 for specified purposes) by Pensions Act 2007 (c. 22), ss. 15(4), 30(2)(b)(3), Sch. 4 para. 16(3) (with Sch. 4 Pt. 3)

F9 Words in s. 38(6)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 119(2)

F10 S. 38(6)(d) substituted (1.12.2001) by The Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228), reg. 1(2)(c), Sch. 7 para. 10 (with reg. 1(3))

F11 S. 38(6A) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 119(3)

F12 S. 38(7) repealed (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 40(d), Sch. 7 Pt. III; S.I. 1997/664, art. 2(3), Sch. Pt. 2

Commencement Information

I1 Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2

Marginal Citations

M1 S.I. 1988/137.

M2 1986 c. 53.