23 March 2006
Proposed changes to the eligibility rules for establishing a pension scheme
The Economic Secretary Ivan Lewis announced on 23 March 2006 the introduction of a new FSA regulated activity related to the operation of personal pension schemes. The Government will be amending the Financial Services and Markets Act (FSMA) Regulated Activities Order (2001) to include a new activity of ‘establishing, operating or winding up' a personal pension scheme. This will then become the basis on which persons are eligible under tax law to establish non-occupational registered pension schemes.
Mr Lewis announced that this new activity would be introduced from April 2007. The FSA will now need to carry out their own consultation on the detailed implementation of the new regulated activity and changes to their rulebook.
The decision to introduce the new regulated activity followed a three-month consultation that closed in December 2005. Among those who responded, there was overwhelming support for changing the tax eligibility rules and introducing the new regulated activity from April 2007 without any interim changes (this was the Government's preferred option).
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Media links
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PDF file of Proposed changes to the eligibility rules for establishing a pension scheme: Government response 23/03/06(660KB)
(ISBN: 978-1-84532-170-3)