Pension Schemes Act 1993

Changes over time for: Section 50

Version Superseded: 06/04/2016

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Point in time view as at 06/04/2015. This version of this provision has been superseded.

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Pension Schemes Act 1993, Section 50 is up to date with all changes known to be in force on or before 17 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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50 Powers of [F1Inland Revenue] to approve arrangements for scheme ceasing to be certified.E+W+S

(1)In the case of an occupational pension scheme F2... which is or has been certified as a [F3salary related contracted-out] scheme, the [F1Inland Revenue] may, for the event of, or in connection with, its ceasing to be such a scheme, approve any arrangements made or to be made in relation to the scheme, or for its purposes, for the preservation or transfer—

[F4(a)of earners’ accrued rights to guaranteed minimum pensions under the scheme or accrued rights to pensions under the scheme attributable to their service on or after the principal appointed day; and

(b)of the liability for the payment of such pensions in respect of persons who have then become entitled to receive them.]

[F5(1A)The power of the [F1Inland Revenue] to approve arrangements under this section—

(a)includes power to approve arrangements subject to conditions, and

(b)may be exercised either generally or in relation to a particular scheme.

(1B)Arrangements may not be approved under this section unless any prescribed conditions are met]

(2)If the scheme ceases to be a [F6salary related contracted-out] scheme (whether by being wound up or otherwise) and the [F1Inland Revenue] either—

(a)[F7have] withdrawn [F7their] approval of previously approved arrangements relating to it; or

(b)[F7have] declined to approve arrangements relating to it,

the [F1Inland Revenue] may issue a certificate to that effect.

(3)A certificate issued under subsection (2)(a) or (b) shall be cancelled by the [F1Inland Revenue] if [F8they subsequently approve] the arrangements.

(4)Regulations may provide that where the [F1Inland Revenue] [F9have] approved arrangements under subsection (1) in respect of an occupational pension scheme F10... any provision of this Part (other than sections 18, 19, [F1131 and 33] and [F1243 and 45]) or Chapter III of Part IV or Chapter II of Part V shall have effect subject to such modifications as may be specified in the regulations.

(5)Any such regulations shall have effect in relation to arrangements whenever approved, unless they provide that they are only to have effect in relation to arrangements approved after they come into force.

(6)It is hereby declared that an approval of arrangements relating to an occupational pension scheme [F13to which subsection (1) applies] may be withdrawn at any time, notwithstanding that the scheme has been wound up.

F14(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Words in s. 50 substituted (25.2.1999 for specified purposes, 1.4.1999 in so far as not already in force) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(2)(a), Sch. 1 para. 51(2); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

F2Words in s. 50(1) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(10)(a)(i)

F3Words in s. 50(1) substituted (6.4.2012) by The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(10)(a)(ii)

F4S. 50(1)(a)(b) substituted (6.4.2012) by The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(10)(a)(iii)

F5S. 50(1A)(1B) inserted (6.4.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 45(b); S.I. 1996/778, art. 2(5)(a), Sch. Pt. V; S.I. 1997/664, art. 2(3), Sch. Pt. II (with art. 4(1))