Finance Act 2004

RegistrationU.K.

153Registration of pension schemesU.K.

(1)An application may be made to the Inland Revenue for a pension scheme to be registered.

(2)The application—

(a)must contain any information which is reasonably required by the Inland Revenue in any form specified by the Board of Inland Revenue, and

(b)must be accompanied by a declaration that the application is made by the scheme administrator (see section 270) and any other declarations by the scheme administrator which are reasonably required by the Inland Revenue.

(3)The declarations which the Inland Revenue may require to accompany an application for the registration of a pension scheme include, in particular, a declaration that the instruments or agreements by which it is constituted do not entitle any person to unauthorised payments (see section 160(5)).

(4)On receipt of an application for a pension scheme to be registered the Inland Revenue must decide whether or not to register the pension scheme.

(5)The Inland Revenue’s decision must be to register the pension scheme unless it appears that—

(a)any information contained in the application is incorrect, or

(b)any declaration accompanying it is false.

(6)The Inland Revenue must notify the scheme administrator of the decision on the application.

(7)Unless the Inland Revenue’s decision is not to register the pension scheme, the notification must state the day on and after which the pension scheme will be a registered pension scheme.

(8)An annuity contract [F1made with an insurance company]—

(a)by means of which benefits under a registered pension scheme have been secured, but

(b)which does not provide for the immediate payment of benefits,

is to be treated as having become a registered pension scheme on the day on which it is made.

[F2(8A)Where an order has been made under section 19(4) or 21(2)(a) of the Pensions Act 2004 or Article 15(4) or 17(2)(a) of the Pensions (Northern Ireland) Order 2005 (restitution by order of court or Pensions Regulator) that property or money be transferred, or a sum be paid, towards an annuity contract made with an insurance company, the annuity contract is to be treated as having become a registered pension scheme on the day on which it is made.]

(9)Schedule 36 contains (in Part 1) provisions treating certain pension schemes in existence immediately before 6th April 2006 as registered pension schemes (and related provisions).

Textual Amendments

F1Words in s. 153(8) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 2, 64(1)

F2S. 153(8A) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 3, 64(1)

154Persons by whom registered pension scheme may be establishedU.K.

[F3(1)An application to register a pension scheme may be made only if the pension scheme—

(a)is an occupational pension scheme, or

(b)has been established by a person with permission under FISMA 2000 to establish in the United Kingdom a personal pension scheme or a stakeholder pension scheme.]

(2)But subsection (1) does not apply to a public service pension scheme.

[F4(2A)Subsection (1) is to be construed in accordance with section 22 of FISMA 2000, any relevant order under that section and Schedule 2 to that Act.]

F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)The Treasury may by order amend this section F6....

Textual Amendments

F3S. 154(1) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(2), 24(1)

F4S. 154(2A) inserted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(3), 24(1)

F5S. 154(3) repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(4), 24(1), Sch. 27 Pt. 3(2)

F6Words in s. 154(4) repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 2(5), 24(1), Sch. 27 Pt. 3(2)

F7155Persons by whom scheme may be established: supplementaryU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7S. 155 repealed (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 20 paras. 324(1), Sch. 27 Pt. 3(2)

156Appeal against decision not to registerU.K.

(1)This section applies where, on an application for a pension scheme to be registered, the Inland Revenue’s decision is not to register the pension scheme.

(2)The scheme administrator may appeal against the decision.

F8(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)An appeal under this section against a decision must be brought within the period of 30 days beginning with the day on which the scheme administrator was notified of the decision.

(6)[F9On an appeal under this section that is notified to the tribunal, the tribunal] must consider whether the pension scheme ought to have been registered by the Inland Revenue.

(7)If [F10the tribunal decides] that the pension scheme ought not to have been registered by the Inland Revenue, [F11the tribunal must] dismiss the appeal.

(8)If [F12the tribunal decides] that the pension scheme ought to have been registered by the Inland Revenue, the pension scheme is to be treated as having been registered on such date as the [F13tribunal determines] (but subject to any further appeal F14...).

Textual Amendments