(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)
If final documents have not been sent in when winding-up is
proposed
and the scheme has been in existence for less than
2 years, it can normally be approved without full documentation on
the basis of a declaration (PS160) signed by the trustees and the
principal employer to the effect that:
a. the scheme has been administered from its establishment in
accordance with the terms of the interim trust deed and the initial
announcement made to the members and in a manner consistent with
the requirements for approval under Chapter I Part XIV, ICTA 88 as
amended by section 75 and Schedule 6 Finance Act 1989 and Section
79 and Schedule 10 Finance Act 1999;
b. the scheme has been administered in accordance with the
requirements of Regulation 5 of The Retirement Benefits Schemes
(Restriction on Discretion to Approve) (Additional Voluntary
Contributions) Regulations 1993 [SI 1993 No 3016] and where the
scheme is the "leading scheme" in relation to a member, with the
requirements of Regulation 6 of those Regulations so far as they
concern "main schemes" and;
c. has been, or will be, wound-up in a manner consistent with
such requirements.
Where this is not practicable because, for example, the
employer is also the trustee and has gone into liquidation, you can
accept a signed PS160 from the Life Office.
