(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
The term "irrevocable trust" in section 592 ICTA 88 does not
prevent the trust being amended or the scheme being terminated.
There can be circumstances in which it is desirable for the trusts
to be amended or terminated, such as on the liquidation of the
employer. The absence of a winding-up rule expressed in
satisfactory terms would therefore make a scheme unapprovable from
the outset (see
PSI16.2.1-3).
