The Occupational Pension Schemes (Independent Trustee) Regulations (Northern Ireland) 1997

Exemptions

5.—(1) Articles 22 to 26 shall not apply to any of the following schemes—

(a) a scheme of which each member is a trustee;

(b) a money purchase scheme;

(c) a scheme—

(i) the only benefits provided by which are death benefits; and

(ii) under the provisions of which no member has accrued rights;

(d) a scheme under which all the benefits to be provided are secured by one or more policies of insurance or annuity contracts and such policies or contracts are specifically allocated to the provision of benefits for individual members or any other person who has a right to benefits under the scheme;

(e) a scheme which would be a money purchase scheme but for the fact that it provides guaranteed minimum pensions;

(f) a scheme which provides relevant benefits but is neither an approved scheme nor a relevant statutory scheme;

(g) a section 615(6) scheme.

(2) In this regulation—

“approved scheme” means a scheme which is approved or was formerly approved under section 590 or 591 of the Taxes Act 1988 or in respect of which an application for such approval has been duly made but has not been determined;

“guaranteed minimum pension” has the same meaning as in section 4(2);

“relevant benefits” has the meaning given in section 612(1) of the Taxes Act 1988;

“relevant statutory scheme” has the meaning given in section 611A of the Taxes Act 1988(1);

“section 615(6) scheme” means a scheme with such a superannuation fund as is mentioned in section 615(6) of the Taxes Act 1988.

(1)

Section 611A was inserted by paragraph 15 of Schedule 6 to the Finance Act 1989 (c. 26)