C1C2C4C3Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties

Annotations:
Modifications etc. (not altering text)
C2

Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2

C2C4C3Chapter I Certification

Alteration of scheme rules after certification

I138 Alteration of rules of appropriate schemes.

1

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,

F2...

F2

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2

Subsection (1) does not apply to an alteration of a prescribed description.

3

Subject to subsection (4), any alteration to which subsection (1) applies shall be voidF3....

4

F4Regulations 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

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.

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 M1Personal Pension Schemes (Appropriate Schemes) Regulations 1988 which has been authorised under section 78(1) of or by virtue of paragraph 9 of Schedule 15 to the M2Financial Services Act 1986;

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 M3Building Societies Act 1986));

F1d

an investment company with variable capital within the meaning of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996.

F57

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