| The Registered Pension Schemes (Modification of the Rules of Existing Schemes) Regulations 2006 [SI 2006/364] | |
| The Registered Pension Schemes (Unauthorised Payments by Existing Schemes) Regulations 2006 [SI 2006/365] |
An existing scheme that automatically becomes a
registered pension scheme on 6 April 2006 (see
RPSM02100020) could have a provision
in its rules immediately before 6 April 2006 – an existing
provision – that would mean that an unauthorised payment
would be made on or after 6 April 2006.
One of the effects of the Registered Pension Schemes
(Modification of the Rules of Existing Schemes) Regulations 2006
[SI 2006/364] is to give a discretionary power to the trustees or
manager of that scheme that allows that person to decide whether or
not to make a payment in accordance with that existing provision.
Where the discretionary power is exercised so as to allow the
unauthorised payment to be made, the scheme sanction charge might
not apply to some or all of the payment (see
RPSM02100110).
| Glossary ( RPSM20000000) |
