The Occupational Pension Schemes (Modification) Regulations 1990
The Secretary of State for Social Security, in exercise of powers conferred upon him by sections 64(1A) and (10A), 96(1) and (2) and 99(1) and (3) of the Social Security Act 1973 M1, and of all other powers enabling him in that behalf, after considering the report of the Occupational Pensions Board on the proposals submitted to them M2, hereby makes the following Regulations:
Citation and commencement1.
(1)
These Regulations may be cited as the Occupational Pension Schemes (Modification) Regulations 1990.
(2)
These Regulations come into force on 12th November 1990.
Reduction of pension fund surplusesF12.
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Requirements for regulation 2 to applyF23.
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Reflecting overriding legislation in scheme rules4.
The Occupational Pensions Board may make an order under F3section 136(1) of the Pension Schemes Act 1993 for the purpose of reflecting, in the rules of the scheme, any requirements of overriding legislation.
Signed by authority of the Secretary of State for Social Security.
Department of Social Security
(This note is not part of the Regulations)
These Regulations are made under section 64 of the Social Security Act 1973.
Regulation 2 allows the Occupational Pensions Board to make orders to enable schemes to reduce the amount of their surplus assets in accordance with Schedule 22 to the Income and Corporation Taxes Act 1988.
Regulation 3 sets out the requirements that must be satisfied before the Board can make an order to enable schemes to reduce the amount of their surplus assets.
Regulation 4 allows the Board to make orders to enable schemes to change their rules to reflect the requirements of overriding legislation.
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. 1255, published by Her Majesty's Stationery Office.