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What is "Definitive" Documentation?
by Ian Neale 05/07/2002 Printer-friendly version of this page
In Pensions Update No 133, published today, the Inland Revenue makes it clear that from 6 October 2002, occupational pension scheme approval applications will only be processed if the documentation contains ALL the provisions required to make the scheme approvable, in particular pension sharing provisions, as well as full Inland Revenue limits, surplus AVC provisions (SI 1993/3016 Regs 4 or 5) and if the scheme is a SSAS, the self-investment rules (SI 1991/1614 Regs 4 - 8). The only exception will be for schemes capable of using the new interim deed procedure.
Apparently some practitioners have been continuing to follow pre-6.4.02 procedure in the belief that IR SPSS would not treat a "definitive" trust deed and rules as 'deficient' if all it lacked was pension sharing provisions. In the Update, SPSS acknowledges there has been a misunderstanding of what "definitive" meant, and hence has allowed a three-month period of grace.
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