(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)
Until 1973 the winding-up provisions of most schemes needed a
rule against perpetuities because of English trust law. This rule
prevented trusts from going on forever. But, as explained in
PSI1.3.20-21, the
perpetuities legislation no longer applies to schemes approved
under Chapter 1 Part XIV ICTA 1988. Provisions for discontinuance
are now included in scheme documentation only because of the
practical needs of scheme administrators and the Revenue.
