The Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 2005

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Trust and Retirement Benefits Exemption) Regulations 2005 and shall come into force on 22nd September 2005.

(2) In these Regulations—

“the 2004 Act” means the Pensions Act 2004;

“approved scheme” means an occupational pension scheme—

(a)

which is approved under section 590 (conditions for approval of retirement benefit schemes) or 591 (discretionary approval) of the Income and Corporation Taxes Act 1988(1); or

(b)

in respect of which an application for such approval has been made but has not been determined before 6th April 2006;

“public service pension scheme” has the meaning given by section 1(1) of the Pension Schemes Act 1993(2) (categories of pension schemes);

“registered scheme” means a scheme which is registered in accordance with section 153 of the Finance Act 2004(3) (registration of pension schemes);

“relevant benefits”, before 6th April 2006, has the meaning given by section 612(1) of the Income and Corporation Taxes Act 1988(4) and, from that date onwards, has the meaning given by section 393B of the Income Tax (Earnings and Pensions) Act 2003(5) (relevant benefits);

“relevant statutory scheme” has the meaning given by section 611A of the Income and Corporation Taxes Act 1988(6) (definition of relevant statutory scheme).

(1)

1988 c. 1. Section 590 was amended by paragraph 18 of Part 1 of Schedule 3 to the Finance Act 1988 (c. 39), section 187 of, paragraphs 3 and 18(2) of Schedule 6, and Part 4 of Schedule 17, to the Finance Act 1989 (c. 26); sections 34(2) to (4), 36(2) and 123 of, and Part 5 of Schedule 19 to, the Finance Act 1991 (c. 31), and paragraphs 2(1) to (8) of Schedule 10 to the Finance Act 1999 (c. 16) and S.I. 2005/723. Section 591 was amended by paragraph 6 of Part 1 of Schedule 13 to the Finance Act 1988; sections 107(2) and (3) and 258 of, and Part 5 of Schedule 26 to, the Finance Act 1994 (c. 9); section 59(2) of the Finance Act 1995 (c. 4), and paragraphs 3(a) and (b) of Schedule 10 to the Finance Act 1999. Sections 590 and 591 are repealed by Part 3 of Schedule 42 of the Finance Act 2004 (c. 12) with effect from 6th April 2006.

(2)

1993 c. 48.The definition was amended by S.I. 1999/1820. Section 1 is amended by section 239 of the Pensions Act 2004.

(3)

2004 c. 12. Section 153(8) of the Finance Act 2004 is amended by paragraph 2 of Schedule 10 to the Finance Act 2005 with effect from 6th April 2006, and section 153(8A) is inserted by paragraph 3 of Schedule 10 to the Finance Act 2005 with effect from 6th April 2006.

(4)

The definition of “relevant benefits” was amended by paragraph 10(1) of Schedule 10 to the Finance Act 1999. Section 612(1) is repealed by section 326(1) of the Finance Act 2004 with effect from 6th April 2006.

(5)

2003 c. 1. Section 393B is inserted by section 249(3) of the Finance Act 2004.

(6)

Section 611A was inserted by paragraph 15 of Schedule 6 to the Finance Act 1989, and was amended by paragraph 5 of Schedule 5 to the Finance Act 1999, and is repealed by Part 4 of Schedule 3 to the Finance Act 2004 with effect from 6th April 2006.