S.I. 1997/470
Personal Pension Schemes (Appropriate Schemes) Regulations 1997
(SD144/99, Schedule 2)
Regulation 1
The Pension Schemes Legislation (Application) (No. 2) Order 1999 (SD144/99) was made 4 March 1999
and approved by Tynwald 20 April 1999. That Order applies the Personal Pension Schemes
(Appropriate Schemes) Regulations 1997 (S.I. 1997/470) to the Island as set out in Schedule 2 to that
Order.
1997 No. 470
PENSIONS
The Personal Pension Schemes (Appropriate Schemes) Regulations 1997
1.
Citation, commencement and interpretation
(1) These Regulations may be cited as the Personal Pension Schemes (Appropriate Schemes)
Regulations 1997 and shall come into force on 6th April 1997.
(2) In these Regulations "the 1993 Act" means the Pension Schemes Act 1993;
[1]
[2]
"investment business" has the meaning assigned to that expression in the Investment Business
Act 1991 (an Act of Tynwald);
[3]
"overseas scheme" means an occupational pension scheme which is administered wholly or
primarily outside the Isle of Man but does not include one which is contracted-out within the
meaning of section 7(3) of the 1993 Act nor one to which section 53 of the 1993 Act applies;
"pensionable age" has the meaning given by the rules in paragraph 1 of Part I of Schedule 4 to
the Pensions Act 1995; and
[4]
"tax week" has the same meaning as in section 181(1) of the 1993 Act.
[5]
(3) In these Regulations, unless the context otherwise requires, any reference (a)
to a numbered regulation is to the regulation in these Regulations bearing that number;
(b)
in a regulation to a numbered paragraph is to the paragraph of that regulation bearing that
number; and
(c)
in a paragraph to a lettered sub-paragraph is to the sub-paragraph of that paragraph bearing
that letter.
1
Definition of “administrators” omitted by regulation 10(2) of S.I. 2011/1245 from 6 April 2012 (SD0927/11).
Definitions of “deposit-taker”, “EEA State”, “a foreign open-ended investment company”, “a foreign unit trust
scheme”, “Friendly Society”, “Home state regulator” omitted by regulation 3(2) of S.I. 2008/1979 from 1 October
2008 (SD763/08).
3
Definitions of “an Isle of Man open-ended investment company” and “an Isle of Man unit trust scheme” omitted
by regulation 3(2) of S.I. 2008/1979 from 1 October 2008 (SD763/08).
4
Definition of “recognised scheme” omitted by regulation 3(2) of S.I. 2008/1979 from 1 October 2008 (SD763/08).
5
Definition of “UCITS” omitted by regulation 3(2) of S.I. 2008/1979 from 1 October 2008 (SD763/08).
2
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Personal Pension Schemes (Appropriate Schemes) Regulations 1997
(SD144/99, Schedule 2)
Regulations 12 - 13
2.
Forms of schemes which may be appropriate schemes (Revoked)
[Regulation 2 revoked by regulation 10(3)(a) of S.I. 2011/1245 from 6 April 2012 (SD0927/11).]
3.
Persons who and bodies which may establish schemes (Omitted)
[Regulation 3 omitted by regulation 3(4) of S.I. 2008/1979 from 1 October 2008 (SD763/08).]
4.
Requirements in respect of an application for an appropriate scheme certificate (Revoked)
5.
Issue of appropriate scheme certificates (Revoked)
6.
Requirement to give the Department information (Revoked)
6A.
Provision of information for purposes of contracting-out (Revoked)
7.
Cancellation, variation and surrender of an appropriate scheme certificate (Revoked)
8.
Applications for the variation of, and to surrender, appropriate scheme certificates
(Revoked)
9.
Cancellation of an appropriate scheme certificate (Revoked)
10.
Notice under section 44(1) of the 1993 Act (Revoked)
11.
Notice under section 44(2) of the 1993 Act (Revoked)
[Regulations 4 to 11 revoked by regulations 10(3)(b) to (j) respectively, of S.I. 2011/1245 from
6 April 2012 (SD0927/11).]
12.
Circumstances in which minimum contributions are not to be paid
(1) Minimum contributions shall not be paid in respect of an earner for the tax year or any part of the
tax year in which that earner (a)
reaches pensionable age; or
(b)
dies and in which he would have reached pensionable age.
[1(1A) ......
(2) ......
(3) ......
(4) ......
(5) ......
(6) ......
(7) ......
(8) ......
(9) ......]
13.
Manner of payment of minimum contributions
Minimum contributions shall be paid (a)
1
by automated credit transfer into a bank or building society account which relates to the
relevant scheme and which accepts payments made by automated credit transfer; or
Paragraphs (1A) to (9) omitted by article 30 of S.I. 2011/1246 from 6 April 2015 (SD0927/11).
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Personal Pension Schemes (Appropriate Schemes) Regulations 1997
(SD144/99, Schedule 2)
Regulations 13 - 15
(b)
14.
in such other manner as the Department may in its discretion approve.
Allocation of minimum contributions (Revoked)
[Regulation 14 revoked by regulation 10(3)(k) of S.I. 2011/1245 from 6 April 2012 (SD0927/11).]
15.
Calculation or estimation of earnings
(1) In relation to any tax year, the earnings of an earner shall be calculated or estimated, for the
purposes of section 45(1) of the 1993 Act, on the basis mentioned in this regulation.
(2) In paragraph (3) "eligible tax week" means any tax week in any part of which the earner in question is at least 16
years of age and in no part of which he is over pensionable age; and
"ineligible tax week" means any tax week which is not an eligible tax week.
(3) In relation to any eligible tax week in a tax year the earnings of an earner shall be taken to be the
amount calculated or estimated in accordance with paragraph (4) divided by the number of eligible tax
weeks in that tax year, and in relation to any ineligible tax week they shall be taken to be nil.
(4) The formula to be applied shall be the formula set out in paragraph (5)(a) or, if it produces a
smaller value for X, the formula set out in paragraph (5)(b), so however, that if the formula set out in
paragraph (5)(a) produces a negative value for X, or if the value of P is nil, the value of X shall be taken
to be nil.
(5) The formulae mentioned in paragraph (4) are (a)
X = P + R - S - 52L; and
(b)
X = 53U - 52L.
(6) In paragraph (7) (a)
"primary Class 1 contributions" does not include contributions which the earner, being a
married woman or widow, is liable to make at a reduced rate in accordance with an
election which she has made and which is still operative; and
(b)
the reference to contributions as having been paid includes the case of contributions which
are treated as having been paid under regulation 39 of the Social Security (Contributions)
Regulations 1979 but does not include the case of contributions which are treated as not
paid under regulation 38(1) and (2)(a) of those Regulations.
(7) In this regulation (a)
L is the lower earnings limit for the tax year in question;
(b)
P is the total earnings, in so far as the earnings for each week did not exceed U, paid to or
for the benefit of the earner in relation to the tax year in question, in relation to which
primary Class 1 contributions have been paid with respect to employments that are not
contracted-out;
(c)
R is the total earnings, in so far as the earnings for each week did not exceed U, paid to or
for the benefit of the earner in relation to the tax year in question, in relation to which
primary Class 1 contributions have been paid with respect to employments that are
contracted-out;
(d)
S is the total earnings, in so far as the earnings for each week equalled or exceeded L but
did not exceed U, paid to or for the benefit of the earner in relation to the tax year in
question, in relation to which primary Class 1 contributions have been paid with respect to
employments that are contracted-out; and
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Personal Pension Schemes (Appropriate Schemes) Regulations 1997
(SD144/99, Schedule 2)
Regulations 15 - 20
(e)
16.
U is the upper earnings limit for the tax year in question.
Calculation of minimum contributions
(1) For the purposes of determining the appropriate age related percentage for the purposes of section
45(1) of the 1993 Act, the Department may require an earner to send documentary evidence of his date of
birth.
(2) For the purposes of section 45B(2) of the 1993 Act (information held as to the age to be disclosed
by the Department to trustees or managers of an appropriate personal pension scheme and such other
persons as may be prescribed) the prescribed person shall be the person who is responsible for
administering the scheme.
17.
Adjustment of amount of minimum contributions
Where the amount of minimum contributions payable in respect of an earner in relation to a tax year
would otherwise not be a whole number of pence, it shall be adjusted to the nearest whole number of
pence, and any amount of half penny or less shall be disregarded.
18.
Cancellation of membership of interest-bearing account-funded appropriate personal
pension schemes (Omitted)
[Regulation 18 omitted by regulation 3(7) of S.I. 2008/1979 from 1 October 2008 (SD763/08).]
19.
Transitional provision in respect of earnings
For the purposes of paying minimum contributions in respect of an employed earner for any period
up to and including the tax year 1996-1997, regulations 16 and 17 of the Personal Pension Schemes
(Appropriate Schemes) Regulations 1988 shall continue to have effect as if regulation 15 of these
Regulations had not come into force.
20.
Revocations
The regulations listed in column 1 of Schedule 3 to these Regulations are revoked to the extent
specified in column 3 of that Schedule.
Schedule 1 - Kinds of unit trust scheme that may be an appropriate scheme (Omitted)
Schedule 2 - Information to be included in notice (Omitted)
[Schedules 1 and 2 omitted by regulation 3(8) of S.I. 2008/1979 from 1 October 2008 (SD763/08).]
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Personal Pension Schemes (Appropriate Schemes) Regulations 1997
(SD144/99, Schedule 2)
Schedule 3
Schedule 3 - Revocations
Regulations Revoked
References
Extent of Revocation
The Personal Pension Schemes (Appropriate Schemes) Regulations
1988
1988/137
The whole of the
Regulations.
The Personal Pension Schemes (Miscellaneous Amendments)
Regulations 1988
1988/830
Regulation 3.
The Personal and Occupational Pension Schemes (Miscellaneous
Amendments) Regulations 1989
1989/500
Regulation 4.
The Personal and Occupational Pension Schemes (Miscellaneous
Amendments) Regulations 1990
1990/1141
Regulation 8.
The Occupational and Personal Pension Schemes (Miscellaneous
Amendments) Regulations 1993
1993/519
Regulation 5.
The Occupational and Personal Pension Schemes (Consequential
Amendments) Regulations 1994
1994/1062
Regulation 2 and
Schedule 2 paragraph 21
in so far as it relates to
the Personal Pension
Schemes (Appropriate
Schemes) Regulations
1988.
The Personal Pension Schemes (Appropriate Schemes) Amendment
Regulations 1995
1995/1612
Regulation 2.
The Personal Pension Schemes (Appropriate Schemes and
Disclosure of Information) (Miscellaneous Amendments)
Regulations 1996
1996/1435
Regulation 2.
The Personal and Occupational Pension Schemes (Miscellaneous
Amendments) Regulations 1996
1996/776
Regulation 6.
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Personal Pension Schemes (Appropriate Schemes) Regulations 1997
(SD144/99, Schedule 2)
Supplement No. 131 [March 2012]
Schedule 3
11.856 (-11.900)