(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 employees affected by the change described in
PSI6.5.8 are those who joined their
employer’s schemes on or after 17 March 1987 unless they are
entitled to pre-17 March 1987 continued rights
(PSI2.3.23). In the case of
schemes approved prior to the date of Royal Assent to the Finance
(No 2) Act 87 on 23 July 1987, the limit is imposed by overriding
legislation in what is now Schedule 23 ICTA 88 (see
PSI2.3.22). In relation to
schemes approved on or after 23 July 1987, the limit must be
reflected in scheme rules under revised discretionary practice as a
condition of approval under Section 591 ICTA 1988 (see
PSI2.3.13).
