The Personal Pension Schemes (Information Powers) Regulations 2000

Interpretation

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

• “approved”, “member”, “personal pension scheme” and “scheme administrator” have the meanings given by section 630(1)(1);

• “the Board” means the Commissioners of Inland Revenue;

• “excluded person” means any person who, on ceasing to act in relation to the scheme or, as the case may be, provide administrative services to the scheme, transferred all documents in his possession or under his control relating to the scheme to another person who succeeded him in acting in relation to the scheme or in providing administrative services to the scheme;

• “friendly society” has the meaning given by section 116 of the Friendly Societies Act 1992(2);

• “insurance company” has the meaning given by section 659B(3);

• “notice” means notice in writing;

• “personal pension arrangements” has the meaning given by section 630(1); and references in these Regulations to “arrangements” in connection with personal pension schemes shall be construed accordingly;

• “pooled fund” in relation to a personal pension scheme means a fund—

  (a)

  which is open to the public and is described in the documents establishing the fund as being a standard fund open to all members,

  (b)

  in relation to the management of which the scheme administrator is not required to consult with any member of the scheme except to the extent that an investment offers choices that are available to any person (whether or not a member of the scheme), and

  (c)

  the value of which is applied to all members and not segregated among certain members or linked to certain members by reason of particular assets comprised in the fund;

• “the relevant date” means the date which is 6 years from the end of the scheme year in which an event specified in regulation 9(4) occurs;

• “scheme provider” in relation to a personal pension scheme for which there is for the time being no scheme administrator or for which the scheme administrator cannot be traced means—

  (a)

  the person who established the scheme, or

  (b)

  any person by whom that person has been directly or indirectly succeeded in relation to the provision of benefits under the scheme;

• “scheme year” means—

  (a)

  a year specified for the purposes of a personal pension scheme in any document comprising the scheme or, if no year is specified, a period of 12 months commencing on 1st April or on such other date as the scheme administrator selects; or

  (b)

  such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the scheme administrator—

  (i)

  in respect of the scheme year in which the scheme commences or terminates, or

  (ii)

  in connection with a variation of the date on which the scheme year is to commence;

• “self-invested personal pension scheme” has the meaning given by regulation 3;

• “the Taxes Act” means the Income and Corporation Taxes Act 1988.

(2) For the purposes of these Regulations and subject to paragraph (3), any question whether a person is connected with another person shall be determined in accordance with section 839(4).

(3) A person shall not be regarded as connected with another person for the purposes of these Regulations where the connection arises as a result of a transaction entered into in the course of normal investment management by a scheme in relation to a fund that is a pooled fund.

(4) In these Regulations references to a particular provision, without more, are references to that provision of the Taxes Act.

(1)

Section 630 was amended by paragraph 2 of Schedule 11 to the Finance Act 1995 (c. 4).

(2)

1992 c. 40.

(3)

Section 659B was inserted by section 59(5) of the Finance Act 1995.

(4)

Section 839 was amended by paragraph 20 of Schedule 17 to the Finance Act 1995.