PSI18.1.7 - Application for Approval and Information Provisions: Application for Approval - Required Information

(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)

[Pn18.4]

Applications in relation to different types of scheme require different accompaniments. The applications should comprise:

1. Schemes for more than one member: An application submitted on form PS176 and documents establishing the scheme.
2. Self-administered schemes: In addition to an application submitted on form PS176 and documents establishing the scheme we require an initial actuarial valuation report and, for small self-administered schemes, a list of current investments together with notification of any investments detailed in Regulation 5 of the Retirement Benefits Schemes (Information Powers) Regulations 1995 [SI 1995 No 3103]. Where a full actuarial valuation report is not available we will accept a copy of a statement, signed by a qualified actuary, confirming that the initial contribution and recommended level of future contributions are actuarially justified.
3. This office will not require an initial actuarial valuation report and a list of current investments where, although set up on ssas lines, the investment is in a policy or policies with a single life office, nor are these required in the case of a self-administered contracted-out money purchase scheme which is accepting only minimum payments (and where appropriate, incentive payments under the social security act 1986), which, although having less than 12 members, is not treated as 'small' and does not provide benefits for its members which are additional to final salary benefits.
4. Individual arrangements: Applications are to be submitted on form PS177 and are to be accompanied by a copy of the exchange letter and/or rules.
5. Hancock annuities: Applications are to be submitted on form PS178.