922.This section requires that an occupational pension scheme which has its main administration in the UK must be established under irrevocable trusts.
923.Subsections (1) and (2) provide that where an occupational pension scheme has its main administration in the UK, it can only accept “funding payments” (see subsection (6)) if it is established under irrevocable trusts.
924.Subsection (3) provides that a scheme must also have proper written rules about benefits under the scheme before it can accept funding payments.
925.Regulations made under subsection (4) may exempt certain schemes from the requirement to be established under irrevocable trust. Specifically, statutory schemes could be exempted under this power.
926.Subsection (5) gives the Regulator the power to sanction trustees or managers who accept payments into a scheme which is not trust based or which does not have proper written rules.
927.This section sets out requirements for an occupational pension scheme that has its main administration outside the EU but receives contributions from: employers in the UK (wherever their employees work); or from employers anywhere in the world in respect of their employees who work in the UK. It provides that the employers must not make contributions unless the scheme is established under trust and there is a trustee in the UK.
928.This section specifies that where a non-EC occupational pension scheme appoints someone to act on their behalf in the UK, that person is to be treated as the trustee for the purpose of UK pensions legislation as defined in subsection (3).
929.Subsection (2) provides a power to make regulations excluding such persons from being treated as trustees.
