PSI16.2.40 - Discontinuance of Schemes:
Winding-Up - Prohibition on Amendment of Old Code Schemes
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(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)
A number of old code schemes, mostly common trust funds
formerly approved under section 208 ICTA 1970, had rules which
prohibited amendments which could:
- result in payment of any part of the fund
to the employer, or
- adversely affect the interests of
members.
As a scheme cannot normally be approved under Chapter 1, Part
XIV ICTA 1988 unless its rules provide for surplus funds arising on
winding-up to be paid to the employer these cases require special
consideration.
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