RPSM02100080 - Technical pages: Registering a pension scheme with HMRC: pension schemes which exist at 5 April 2006: Modifying the rules of existing pension schemes: Exempted registered pension schemes

Modifying the rules of existing pension schemes: Exempted registered pension schemes

The Registered Pension Schemes (Modification of the Rules of Existing Schemes) Regulations 2006 [SI 2006/364] ordinarily apply to existing pension schemes that automatically become registered pension schemes on 6 April 2006 (see RPSM02100020). The regulations have the effect of modifying the rules of the scheme by treating a number of features of the tax approval rules that applied before 6 April 2006 as being automatically imported into the rules of the scheme.

However the regulations do not apply to the following existing pension schemes that automatically become registered pension schemes

• schemes that adopt rule amendments before 6 April 2006 that come into effect on and after that date, where those amendments have a corresponding effect to all of the modifications in the regulations, or
• schemes with rules that are framed in such a way that no amendment is necessary to reflect all of the modifications in the regulations, or
• schemes that make rule amendments during the transitional period that state that all of the modification regulations that applied to that scheme no longer apply to the scheme. (see RPSM02100090).

Note, if amendments have been adopted before 6 April 2006 to come into effect on or after 6 April 2006 that correspond to some of the modifications in the regulations, then, unless the rules of the scheme are framed in such way that the remaining modifications also do not apply to the scheme, those remaining modifications will apply to the scheme.