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Finance Act 1970

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This is the original version (as it was originally enacted).

20Discretionary approval

(1)The Board may, if they think fit, having regard to the facts of a particular case, and subject to such conditions, if any, as they think proper to attach to the approval, approve a retirement benefits scheme for the purposes of this Chapter notwithstanding that it does not satisfy one or more of the prescribed conditions.

(2)The Board may in particular approve by virtue of this section a scheme—

(a)which exceeds the limits imposed by the prescribed conditions as respects benefits for less than 40 years' service, or

(b)which exceeds the limits imposed by the prescribed conditions as respects benefits payable on the death of the employee, and in particular which provides a pension for the employee's widow, or

(c)which provides for the return in certain contingencies of employees' contributions, or

(d)which relates to a trade or undertaking carried on only partly in the United Kingdom, and by a person not resident in the United Kingdom.

(3)In applying this section to an existing scheme the Board shall exercise their discretion, in such cases as appear to them appropriate, so as—

(a)to preserve benefits earned or rights arising out of service before approval under this Chapter or before the date on which section 23 of this Act comes into force, whichever is the earlier, and

(b)to preserve any rights to death-in-service benefits conferred by rules of the scheme in force on 26th February 1970.

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