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The Personal Pension Schemes (Appropriate Schemes) Regulations 1987

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Transitional provisions

20.—(1) During the period beginning on 27th July 1987 and ending on 5th April 1989 the Board may in their discretion issue an appropriate scheme certificate, notwithstanding that they have not satisfied themselves that the scheme in question satisfies the conditions for the issue of such a certificate, on the basis of—

(a)the information specified in paragraph (2) given by the administrators of the scheme; and

(b)an undertaking, given by any person having power to alter any of the rules of the scheme in question, to the effect specified in paragraph (3); and

(c)an undertaking, given by the person who or body which has established the scheme, to the effect specified in paragraph (4).

(2) The information mentioned in paragraph (1)(a) is to the effect that, to the best of the belief of the administrators, the documents submitted with the application satisfy the requirements for the issue of an appropriate scheme certificate in relation to the scheme in question.

(3) The undertaking mentioned in paragraph (1)(b) is to the general effect that the person giving it will—

(a)use his best endeavours to make, within such time as the Board may specify, such alterations to the rules of the scheme (having effect from the date from which the appropriate scheme certificate has effect) as may be necessary to make the scheme satisfy the requirements of Schedule 1 to the Act; and

(b)within such time as the Board may specify lodge with the Board copies of the rules as so altered.

(4) The undertaking mentioned in paragraph (1)(c) above is to the effect that where, as a result of the Board’s cancelling the appropriate scheme certificate because alterations as mentioned in paragraph (3)(a) have not been made within the time specified by the Board, any person has incurred financial obligations in respect of personal pension protected rights premiums, the person or body giving the undertaking will provide any additional funds necessary to enable those financial obligations to be met.

(5) For the purposes of section 5(8) of the Act, in a case where —

(a)the Board have issued an appropriate scheme certificate by virtue of paragraph (1) and have subsequently cancelled it with effect from a date which is later than that with effect from which they issued it; and

(b)the rules of the scheme as regards the protected rights of members are not in accordance with Schedule 1 to the Act,

the rules of the scheme shall be deemed to make any such provision as the Board may consider necessary to ensure that its members have protected rights which are in accordance with that Schedule.

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