Pensions Update No 117, published this morning, describes how the new interim deed procedure (first announced in Update No 103) will operate.

From 6 April 2002, applications for approval accompanied by an interim deed will only be accepted in cases of "corporate reorganisation". This means where

1. the scheme has been set up to receive a block transfer of funds and/or a block of employee members; and
2. the transfer follows a change or intended change of ownership of an employer or of all or part of an employer’s trade or business.

All other applications must refer to definitive documentation.

The new rules - including detailed requirements for the interim deed, where acceptable - are described in IR 12 paragraphs 2.12 - 2.15, as amended today.

Update No 117 (at least, as originally published on the Internet) does not identify which PNs have been changed simultaneously on the Revenue website. They are, in fact, 2.10 (incl title), 2.11, 2.12, 2,13, 2.14, 2.15, 10.24, 14.11, 14.12, 14.13, 18.4, 18.6, 18.7, 18.8, 18.8a, 18.9, 18.10, 18.11, 18.12 and the Index.

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