The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993

Introductory

3.  These Regulations–

(a) are made for the purposes of section 591;

(b) restrict the Board’s discretion to approve retirement benefits schemes which are not simplified defined contribution schemes or death benefit schemes by reference to the circumstances in which surplus funds arising from the payment of additional voluntary contributions may be repaid to employees;

(c) specify the method to be used for calculating the amount of surplus funds.