The Occupational Pension Schemes (Scheme Administration) Regulations 1996

PART IINTRODUCTION

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Scheme Administration) Regulations 1996 and shall come into force on 6th April 1997.

(2) In these Regulations—

“the 1995 Act” means the Pensions Act 1995;

“the Taxes Act” means the Income and Corporation Taxes Act 1988(1);

“approved scheme” means a scheme which is approved or was formerly approved under section 590 or 591 of the Taxes Act or in respect of which an application for such approval has been duly made which has not been determined;

“business days” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday, or a bank holiday within the meaning of the Banking and Financial Dealings Act 1971(2);

“money purchase scheme” has the same meaning as in section 181(1) of the Pension Schemes Act 1993(3);

“pensioneer trustee” has the same meaning as in regulation 2(1) of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991(4);

“public service pension scheme” has the same meaning as in section 1 of the Pension Schemes Act 1993;

“relevant benefits” has the same meaning as in section 612(1) of the Taxes Act;

“relevant statutory scheme” has the same meaning as in section 611A of the Taxes Act(5);

“scheme year” means—

“small self-administered scheme” has the same meaning as in regulation 2(1) of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991;

“unfunded occupational pension scheme” means an occupational pension scheme under which there is no requirement to set aside in advance resources related to the intended rate or amount of benefits; and

“wholly insured scheme” means an occupational pension scheme under which all the benefits provided are secured by a policy or policies of insurance or an annuity contract or contracts.

(3) In these Regulations, unless the context otherwise requires, a reference—

(a)to a numbered regulation is to the regulation bearing that number in these Regulations;

(b)in a regulation to a numbered paragraph is to the paragraph bearing that number in that regulation.