(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 Retirement Benefits Schemes (Restriction on Discretion to
Approve) (Additional Voluntary Contributions) Regulations 1993 [SI
1993 No 3016] set a 3-year deadline for amendments to comply with
the regulations to be made to FSAVCs that were approved before 27
December 1993. The 3-year deadline has been removed from those
schemes but an amendment is still required at the earliest
convenient opportunity. Until the amendment is made it is expected
that schemes will voluntarily comply with the 1993 Regulations and
an industry-wide Code of Practice relating to surplus AVCs (see
PSI4.3.15-16). The necessary rule
amendment can be achieved by adopting the standard wording
contained in
PSI4.4.7.
