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Flexibility - rule amendments and time limits

United Kingdom
12/07/2001
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Last year, the Inland Revenue promised to provide model rules in respect of annuity purchase deferral and income drawdown for money purchase schemes and for the flexible use of AVCs. It was intended that this documentation would be available from the end of the first quarter of this year.

However, in a pensions update issued in June (No 97), the Revenue said that flexibility provisions can be documented by the adoption of an "overriding clause" and that they will provide wording for this clause in an update to be issued prior to September 1st.

Unfortunately, schemes are required to make appropriate rule amendments within 2 years of the date flexibility facilities were made available. For some schemes, this deadline will expire before 31st August. The Revenue have said that in these cases, schemes should notify them on an individual basis.

If you have introduced flexibility into your scheme, you should get in touch with your usual pensions contact within the pensions group.

For further information, please contact Mark Atkinson by e-mail at [email protected] or by telephone on +44 (0)20 7367 2184.

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