Pension Sharing on Divorce: Revenue Issues Model Rules
by Ian Neale 08/05/2000    Printer-friendly version of this page

PSO Update No 62 para 86 says Model Rules will be forthcoming: these have now been issued by the Inland Revenue (though not yet published on their website). Providers have been reminded that all existing standard documentation is obsolete from Wednesday 10 May. Any scheme not already approved by that date will need to ‘bolt on’ these model rules, pending agreement of new standard docs. (For schemes already approved, a statutory override will automatically apply the new pension sharing requirements, but at the earliest opportunity they should aim to incorporate these in the scheme rules.)

The Revenue’s covering letter also explains how they propose to handle the flood of work which will result: a ‘fast track’ procedure is offered whereby each provider can put forward a maximum of four standard documents, no more than one in each of the four categories

• insured defined benefit scheme
• insured defined contribution scheme
• self-administered defined benefit scheme
• self-administered defined contribution scheme