Pension Schemes Act 2021
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Change 1
54 Qualifying schemes
(1) A pension scheme is a “qualifying scheme” if it meets the requirements in this section. (2) The scheme must be an occupational pension scheme established under an irrevocable trust .... (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The scheme must not be a relevant public service pension scheme (see section 55). (5) The qualifying benefits provided under the scheme must consist of or include the payment of a pension. (6) If the scheme provides both qualifying benefits and other benefits, there must be appropriate separation of the qualifying benefits. (7) There is “appropriate separation” of qualifying benefits and other benefits if (and only if)— (a) the scheme is divided into sections, (b) none of the sections under which qualifying benefits are provided provides other types of benefit, (c) payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and (d) a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section. (8) If the scheme provides a combination of qualifying benefits with different characteristics that is described in regulations made by the Department, there must be appropriate separation of those qualifying benefits. (9) There is “appropriate separation” of qualifying benefits with different characteristics if (and only if)— (a) the scheme is divided into sections, (b) each of the different types of qualifying benefit is provided under a different section, (c) payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and (d) a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section. (10) Regulations under subsection (8) are subject to negative resolution.
54 Qualifying schemes
(1) A pension scheme is a “qualifying scheme” if it meets the requirements in this section. (2) The scheme must be an occupational pension scheme established under an irrevocable trust .... (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The scheme must not be a relevant public service pension scheme (see section 55). (5) The qualifying benefits provided under the scheme must consist of or include the payment of a pension. (6) If the scheme provides both qualifying benefits and other benefits, there must be appropriate separation of the qualifying benefits. (7) There is “appropriate separation” of qualifying benefits and other benefits if (and only if)— (a) the scheme is divided into sections, (b) none of the sections under which qualifying benefits are provided provides other types of benefit, (c) payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and (d) a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section. (8) If the scheme provides a combination of qualifying benefits with different characteristics that is described in regulations made by the Department, there must be appropriate separation of those qualifying benefits. (9) There is “appropriate separation” of qualifying benefits with different characteristics if (and only if)— (a) the scheme is divided into sections, (b) each of the different types of qualifying benefit is provided under a different section, (c) payments made by or in respect of members of the scheme for the purpose of providing qualifying benefits under a section of the scheme are allocated to that section, and (d) a proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section. (10) Regulations under subsection (8) are subject to negative resolution.
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