(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)
Code of Practice
The coming into force of The Retirement Benefits Schemes
(Restriction on Discretion to Approve) (Additional Voluntary
Contributions) Regulations 1993 [SI 1993 No 3016] on 27 December
1993 also meant that, under the terms of section 591A(2) ICTA 1988,
schemes (other than simplified defined contribution schemes or
death benefit schemes) approved before that date had until 26
December 1996 to make suitable amendments to give effect to the
provisions of the regulations. An amendment like that in
PSI4.3.14would be acceptable. Failure
to make such an amendment within the 3- year deadline would have
meant automatic loss of approval with effect from 27 December 1996.
However, following representations from the pensions industry, it
was agreed that the 3-year deadline for the necessary amendments
would be disapplied as representative bodies accepted the use of an
industry-wide voluntary Code of Practice and Model Forms in
relation to surplus AVCs.
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000)
