C1C2C3C4Part 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

Chapter I Certification

Alteration of scheme rules after certification

I138 Alteration of rules of F12appropriate schemesF12personal pension schemes.

1

F10Where 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,

F1...

F1

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F10No 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

F8a

to an alteration of a prescribed descriptionF9; 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 voidF2... .

4

F3Regulations 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

F11This 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.

F11This 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 M1Personal Pension Schemes (Appropriate Schemes) Regulations 1988 which F5is 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 M2Building Societies Act 1986));

F7d

an open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001.

F66A

“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.

F47

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