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The Occupational Pension Schemes (Payments to Employers) Regulations 1996

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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Preliminary

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Payments to Employers) Regulations 1996 and shall come into force on 6th April 1997.

(2) Unless the context otherwise requires, in these Regulations —

  • “the 1995 Act”means the Pensions Act 1995;

  • “the Authority”means the Occupational Pensions Regulatory Authority established under section 1 of the 1995 Act;

  • “surplus”means an excess in the value of the assets in a scheme over its liabilities by more than the maximum percentage prescribed under Schedule 22 to the Taxes Act(1);

  • “the Taxes Act”means the Income and Corporation Taxes Act 1988(2),

and any other expressions used in these Regulations have the same meaning as in Part I of the 1995 Act.

Meaning of “member”

2.  For the purposes of these Regulations and sections 37 and 76 of the 1995 Act, the meaning of “member”in relation to any scheme is extended to include any person who is entitled to the present payment of benefits under the scheme.

Application of these Regulations

3.  These Regulations do not apply to a scheme unless it is a trust scheme which is an exempt approved scheme within the meaning given by section 592(1) of the Taxes Act.

(1)

Schedule 22 deals with the reduction of pension fund surpluses.

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