The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1990

Explanatory Note

(This note is not part of the Regulations)

These Regulations make miscellaneous amendments to Regulations about personal and occupational pension schemes.

Regulation 2 amends regulation 4(2) of the Occupational Pensions Board (Determinations and Review Procedure) Regulations 1976 to allow the Board to cancel a contracting-out certificate with effect from its date of issue where it is discovered that the scheme did not satisfy the requirements for being a contracted-out scheme when the certificate was issued. Regulation 2 also widens the Board’s powers to cancel a contracting-out certificate with retrospective effect where a scheme ceases to satisfy the requirements for being a contracted-out scheme.

Regulation 3 amends regulation 12 of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1984, to make it clear that a benefit payable earlier than at normal pension age is a prescribed alternative to short service benefit, even though it may be equal to or larger than short service benefit. Regulations 4 and 5 make consequential amendments to the Contracting-out (Protection of Pensions) Regulations 1984 and the Occupational Pension Schemes (Revaluation) Regulations 1985.

Regulation 6 amends the Money Purchase Contracted-out Schemes Regulations 1987 to bring them into line with the Friendly Societies (Long Term Insurance Business) Regulations 1987 and the Building Societies (Designation of Qualifying Bodies) Order 1988.

Regulation 7 amends regulation 4 of the Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987, to make it clear that a member’s accrued rights can be transferred to a personal pension scheme or a self-employed pension arrangement, in return for rights under the scheme or arrangement.

Regulation 8 amends the Personal Pension Schemes (Appropriate Schemes) Regulations 1988 to bring them into line with the Friendly Societies (Long Term Insurance Business) Regulations 1987 and the Building Societies (Designation of Qualifying Bodies) Order 1988.

The report of the Occupational Pensions Board on the draft of these Regulations which was referred to them, together with a statement by the Secretary of State showing that these Regulations give effect to the Board’s recommendations, is contained in Command Paper No. 1088, published by Her Majesty’s Stationery Office.