The Personal Pension Schemes (Appropriate Schemes) Regulations 1988

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Personal Pension Schemes (Appro-priate Schemes) Regulations 1988; this regulation and regulations 2 to 11, 19 and 20 shall come into force on 1st March 1988, and regulations 12 to 18 shall come into force on 1st July 1988.

(2) In these Regulations, unless the context otherwise requires—

“the Act” means the Social Security Act 1986;

“administrators”, in relation to a personal pension scheme, means the trustees or, if there are no trustees, the managers (except any trustee or manager who is resident outside the United Kingdom, or which, being a company, does not have its registered office in the United Kingdom), and any person who is resident in the United Kingdom, or which, being a company, has its registered office in the United Kingdom, who or which is authorised to act on behalf of the trustees, or, if there are no trustees, on behalf of the managers;

“the Board” means the Occupational Pensions Board;

“contracted-out”, “contracted-out scheme” and “money purchase contracted-out scheme” shall be construed in accordance with the Social Security Pensions Act 1975(1).

“Friendly Society” means a Friendly Society registered under section 7(1)(a) of the Friendly Societies Act 1974(2), or, as the case may be, under section 1(1) of the Friendly Societies Act (Northern Ireland) 1970(3).

“investment business” has the meaning assigned to that expression by the Financial Services Act 1986(4);

“pensionable age” means, in the case of a man, 65, and in the case of woman, 60;

“scheme” (except in the expressions “contracted-out scheme”, “money purchase contracted-out scheme”, “occupational pension scheme” and “unit trust scheme”) means personal pension scheme;

“tax week” has the same meaning as in the Social Security Act 1975(5);

and other expressions have the same meaning as in the Act.

(3) In these Regulations, unless the context otherwise requires, any reference—

(a) to a numbered regulation is to the regulation in these regulations bearing that number;

(b) in a regulation to a numbered paragraph is to the paragraph of that regulation bearing that number;

(c) in a paragraph to a lettered sub-paragraph is to the sub-paragraph of that paragraph bearing that letter.

(1)

1975 c. 60. See sections 32 and 66, as amended by the Social Security Act 1986 (c. 50), Schedule 2, paragraphs 5 and 11.

(2)

1974 c. 46.

(3)

1970 c. 31 (N.I.).

(4)

1986 c. 60.

(5)

1975 c. 14.