Part I U.K. Occupational pensions

Modifications etc. (not altering text)

C1 Pt. I modified (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), regs. 1, 2

C2 Pt. I applied (with modifications) (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 2

C3 Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1

Modification of schemes U.K.

68 Power of trustees to modify schemes by resolution. U.K.

(1) The trustees of a trust scheme may by resolution modify the scheme with a view to achieving any of the purposes specified in subsection (2).

(2) The purposes referred to in subsection (1) are—

(a) to extend the class of persons who may receive benefits under the scheme in respect of the death of a member of the scheme,

(b) to enable the scheme to conform with such arrangements as are required by [F1 section 241 of the Pensions Act 2004],

[F2 (c) to enable the scheme to comply with such terms and conditions as may be imposed by the Board of the Pension Protection Fund in relation to any payment made by it under section 185 or 186 of the Pensions Act 2004,]

(d) to enable the scheme to conform with section 37(2), 76(2), 91 or 92,

[F3 (da) to enable the scheme to accommodate persons with pension credits or pension credit rights, and]

(e) prescribed purposes.

(3) No modification may be made by virtue of subsection (2)(a) without the consent of the employer.

(4) Modifications made by virtue of subsection (2)(b) may include in particular—

(a) modification of any limit on the number of, or of any category of, trustees, or

(b) provision for the transfer or vesting of property.

(5) Nothing done by virtue of subsection (2)(d), or any corresponding provisions in force in Northern Ireland, shall be treated as effecting an alteration to the scheme in question for the purposes of section 591B (cessation of approval) of the Taxes Act 1988.

(6) Regulations may provide that this section does not apply to trust schemes falling within a prescribed class or description.

Extent Information

E1 S. 68 extends to Great Britain with the exception of s. 68(5) which also extends to Northern Ireland.

Textual Amendments

F1 Words in s. 68(2)(b) substituted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 56(a); S.I. 2005/3331, art. 2(6), Sch. Pt. 6

F2 S. 68(2)(c) substituted (1.9.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 56(b); S.I. 2005/1720, art. 2(16), Sch. Pt. 3

F3 S. 68(2)(da) substituted for word (1.12.2000) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(1), Sch. 12 para. 54; S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

Modifications etc. (not altering text)

C4 S. 68 applied (with modifications) in part (11.11.1999 for specified purposes, 1.10.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 1 para. 1(1)(2)(b)(viii)(4); S.I. 2000/1047, art. 2(2)(c), Sch. Pt. III

C5 S. 68 excluded (31.12.2000) by The Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations 2000 (S.I. 2000/3198), regs. 1(1), 2, Sch.

Commencement Information

I1 S. 68 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V

I2 S. 68 in force at 6.10.1996 for specified purposes by S.I. 1996/778, art. 2(5)(c)

I3 S. 68 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3