Schemes to which section 73 of the 1995 Act does not applyE+W+S
This section has no associated Explanatory Memorandum
3.—(1) Section 73 of the 1995 Act does not apply to any scheme which is—
(a)a public service pension scheme under the provisions of which there is no requirement for assets related to the intended rate or amount of benefit under the scheme to be set aside in advance (disregarding requirements relating to voluntary contributions);
(b)a scheme which is made under section 7 of the Superannuation Act 1972 (superannuation of persons employed in local government etc.) and provides pensions to local government employees;
(c)a scheme which is made under section 2 of the Parliamentary and Other Pensions Act 1987 (power to provide for pensions for Members of the House of Commons etc.);
(ca)[a scheme, provision for which is made by virtue of section 81(3) of the Scotland Act 1998 (remuneration of members of the Parliament and Executive);]
(d)a scheme in respect of which a relevant public authority, as defined in subsection (4) of section 307 of the 2004 Act (modification of that Act in relation to certain categories of schemes), has given a guarantee or made any other arrangements for the purposes of securing that the assets of the scheme are sufficient to meet its liabilities;
(e)a scheme which does not meet the tax condition;
(f)a scheme which—
(i)has been categorised by the Commissioners of the Board of Inland Revenue for the purposes of its approval as a centralised scheme for non-associated employers;
(ii)which [was not contracted-out at any time before the second abolition date]; and
(iii)under the provisions of which the only benefits that may be provided on or after retirement (other than money purchase benefits derived from the payment of voluntary contributions by any person) are lump sum benefits which are not calculated by reference to a member's salary;
(g)a scheme—
(i)the only benefits provided by which (other than money purchase benefits) are death benefits; and
(ii)under the provisions of which no member has accrued rights (other than rights to money purchase benefits);
[(h)a scheme—
(i)which has such a superannuation fund as is mentioned in section 615(6) of the Income and Corporation Taxes Act 1988 (exemption from tax in respect of certain pensions);] ...
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(i)a scheme with fewer than two members;
(j)a scheme with fewer than 12 members where all the members are trustees of the scheme and either—
[(i)the provisions of the scheme provide that any decision made by the trustees is made by the unanimous agreement of the trustees who are members of the scheme; or]
(ii)the scheme has a trustee who is independent in relation to the scheme for the purposes of section 23 of the 1995 Act (power to appoint independent trustees) (see subsection (3) of that section) and is registered in the register maintained by the Authority in accordance with regulations made under subsection (4) of that section;
(k)a scheme with fewer than 12 members where all the members are directors of a company which is the sole trustee of the scheme and either—
[(i)the provisions of the scheme provide that any decision made by the company in its capacity as trustee is made by the unanimous agreement of the directors who are members of the scheme; or]
(ii)one of the directors of the company is independent in relation to the scheme for the purposes of section 23 of the 1995 Act and is registered in the register maintained by the Authority in accordance with regulations made under subsection (4) of that section; [or]
(l)the Chatsworth Settlement Estate Pension Scheme;...
(m). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[(1A) Section 73 of the 1995 Act does not apply to a section of a scheme that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021.]
(2) Before 6th April 2006 paragraph (1)(e) applies with the addition at the end of the words “and is not a relevant statutory scheme providing relevant benefits”; and for the purposes of that paragraph “relevant statutory scheme” and “relevant benefits” have the same meaning as in Chapter 1 of Part 14 of the Income and Corporation Taxes Act 1988 (see sections 611A and 612(1) of that Act).
[(3) In this regulation—
“contracted-out” is to be construed in accordance with section 7B(2) (meaning of “contracted-out scheme” etc.) of the Pension Schemes Act 1993; and
“the second abolition date” has the meaning given in section 181(1) (general interpretation) of the Pension Schemes Act 1993.]
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