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The Occupational Pension Schemes (Payments to Employers) Amendment Regulations 1997
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- 1997 No. 2559
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations concern the requirements which must be satisfied in accordance with sections 37 and 76 of the Pensions Act 1995 before an employer may receive a payment of surplus or a distribution of excess assets from an exempt approved trust scheme.
Regulation 14 of the Occupational Pension Schemes (Payments to Employers) Regulations 1996 provides for certain schemes to be exempt from the application of those provisions. The amendment made by regulation 2 of these Regulations limits the scope of the exemption to schemes with a government guarantee or schemes where a payment of surplus or distribution of excess assets would be subject to the approval of a Minister of the Crown.
An assessment of the cost of compliance for employers of the measures arising from the Pensions Act 1995, including regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, 11th Floor, Adelphi, 1 to 11 John Adam Street, London WC2N 6HT.
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