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New Version of PP Model Rules (IMR2003)
by Ian Neale 07/04/2003 Printer-friendly version of this page
Pensions Update No 144 of 27 March 2003 describes an updated version of the Integrated Model Rules (IMR2003) for personal pension schemes. This covers a number of Regulations which have come into force since the previous version, IMR2000, was published on 18 December 2000; including DWP legislation. Some work has also been done to clarify the Rules.
Several abridged versions are also available , namely for
- schemes that are not contracted out (IMR2003PP);
- schemes that whilst contracted-out as APPSs, are not stakeholder schemes; and
- APPSs which are stakeholder schemes.
The full version (IMR2003) includes references to COMPS, SIPPS, pensioneer trustees and the conversion rules.
Existing schemes are urged to adopt the new IMR2003 or one of the abridged versions.
Footnote
An earlier article on this site described amendments made to IR 76 (the Personal Pension Guidance Notes), announced in Pensions Update No 141. It has emerged that the Revenue has accidentally included in the online version of IR 76 some additional amendments not mentioned in Update 141. A further Update is expected soon to rectify this; when it appears, we shall be publicising it here.
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