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The Personal Pension Schemes (Transfer Payments) Regulations 1988
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- UK Statutory Instruments
- 1988 No. 1014
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
Section 638(2) of the Income and Corporation Taxes Act 1988 provides that the Board shall not approve a personal pension scheme unless it makes such provision for the making, acceptance and application of transfer payments as satisfies any requirements imposed by or under regulations made by the Board; and these Regulations, which come into force on 1st July 1988 impose such requirements.
Regulation 1 provides for citation and commencement and regulation 2 contains definitions.
Regulations 3 and 4 impose requirements as to the making of transfer payments to other personal pension schemes, certain retirement benefits schemes, and statutory schemes.
Regulations 5 and 6 impose requirements as to the acceptance by personal pension schemes of transfer payments from other personal pension schemes, retirement benefits schemes, statutory schemes and retirement annuity contract or trust schemes.
The publication “Retirement Benefit Schemes — Transfer Values (GN11)”, referred to in regulation 6(3)(a), may be obtained from the Institute of Actuaries, Staple Inn Hall, High Holborn, London WC1V 7QJ, and from the Faculty of Actuaries, 23 St Andrew Square, Edinburgh EH2 1AQ.
Regulations 7, 8 and 9 impose requirements as to application of transfer payments made to personal pension schemes.
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