The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations 1988

Amendment of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987

9.  The Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987(1) shall be amended as follows—

(a) in regulation 3—

(i) the word “and” at the end of paragraph (b) shall be omitted;

(ii) in paragraph (c) for the words “the Personal Pension Schemes (Appropriate Schemes) Regulation 1987” there shall be substituted the words “the Personal Pension Schemes (Appropriate Schemes) Regulations 1988(2)” and for the full stop at the end there shall be substituted “; and”;

(iii) after paragraph (c) of regulation 3 there shall be inserted the following paragraph—

“(d) in the case of a personal pension scheme, a payment attributable to tax relief on the employee’s share of minimum contributions, being the difference between that share and the grossed-up equivalent of that share; the expressions “employee’s share” and “grossed-up equivalent” having the meanings given to them by section 649(2) of the Income and Corporation Taxes Act 1988.”.

(b) in regulation 9(a) after the words “defined in that Act” there shall be inserted the words “or is a friendly society which satisfies the conditions set out in regulation 3(2) of the Personal Pension Schemes (Appropriate Schemes) Regulations 1988”; and

(c) after regulation 14 there shall be inserted the following regulation—

“Tax-exemption and tax-approval

15.   For the purposes of paragraph 12 of Schedule 1 (nothing in Schedule 1 to be taken to prejudice any requirements with which a scheme must comply if it is to qualify for tax-exemption or tax-approval) tax-exemption and tax-approval mean respectively exemption from tax and approval of the Inland Revenue under Chapter I or Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988.”.

(1)

S.I. 1987/1117.

(2)

S.I. 1988/137.