Trust provisions and scheme rules
The changes introduced by the Finance Act 2004 and Pensions Act 2004 need to be reflected in the trust provisions and rules for your scheme. Here we give you the scheme rules and the supporting documents so you can do that.
Adopting the new rules
You should adopt the new rules for your scheme. If you use the draft document we've provided, and don't make any amendments to it, you don't have to confirm to us that you've adopted the new rules. If you want to make changes, you'll need to tell us about them. For our part, from 6 April 2006, we’ve assumed you've adopted the new rules, un-amended, and our administration has reflected this.
This is the process we suggest you follow to adopt the new rules:
- Tell the employer and give them a copy of the documents.
- Agree adoption of the new rules with the employer.
- Formally adopt the new rules.
- Make sure the members are told.
In the tables below you can find the draft rules, the documents required for you to adopt these rules and the supporting documents we've produced to help guide you through this process.
| Title | Updated |
|---|---|
| Contracted-in money purchase scheme rules | April 06 |
| Contracted-out money purchase scheme rules | April 06 |
| Member announcement letter | April 06 |
| Trust and rule amendments document | April 06 |
| Schedule of changes under the EPP/CIMP rules - A-day | April 06 |
| Schedule of changes under the COMP rules - A-day | April 06 |
| Guide to completion and execution of the trust and rule amendment document and rules | April 06 |
Please note that these contracted-in money purchase (CIMP) and contracted-out money purchase (COMP) rules are for use by clients with AEGON Scottish Equitable money purchase plans. The CIMP rules should also be used if your scheme is a Selective Benefits Plan (SEL), Barclays Retirement Accumulator (BRAP) or EXSEL.
New scheme administrator role for registered pension schemes
We’ve produced information on the support we can offer to help you with this new role and confirm that we'll continue to give you the high level of service you expect from us. You can find three factsheets on the new scheme administrator role for registered pension schemes in the table below.
| Title | Updated |
|---|---|
| Scheme Administrator support factsheet - 1 | April 06 |
| Scheme Administrator support factsheet - 2 | April 06 |
| Scheme Administrator support factsheet - 3 Revenue reporting forms | April 06 |
