The Personal Equity Plan Regulations 1989

Transitional provisions—plans and plan investors under the 1986 Regulations

29.—(1) The 1986 Regulations shall continue to apply to annual plans, notwithstanding the entry into force of these Regulations, during the period from 6th April 1989 until the effective date in relation to any such plan, with the modification that the year which began with 1st January 1989 shall be treated as having ended on the effective date.

(2) With effect from the day following the effective date in relation to an annual plan, the provisions of these Regulations shall apply to it in place of the provisions of the 1986 Regulations.

(3) A plan investor who has subscribed to an annual plan during the year which began with 1st January 1989 may not before the day following the effective date in relation to the plan–

(a) subscribe further to the plan if that subscription and any previous subscription to the plan for that year would together exceed the limit prescribed by Regulation 4(1)(c) of the 1986 Regulations, or

(b) subscribe to a plan under regulation 4 of these Regulations.

(4) These Regulations apply to any plan to which a qualifying individual who was a plan investor in respect of an annual plan subscribes in the period from the day following the effective date until 5th April 1990 as if that period were a year for the purpose of these Regulations.

(5) In this regulation–

“annual plan” means a plan to which the 1986 Regulations applied immediately before the entry into force of these Regulations; and

“effective date” in relation to an annual plan means the date which is the earlier of–

(a)

31st December 1989, and

(b)

the date, being a date after 5th April 1989, which–

(i)

the plan investor and the plan manager agree in writing, or

(ii)

where the terms of the agreement between them permit, the plan manager determines,

to be the date after which the provisions of these Regulations shall apply to the plan in place of the provisions of the 1986 Regulations.