Pensions (Amendment) Act, 1996
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Rule against perpetuities. |
25.—The Principal Act is hereby amended by the insertion after section 61 of the following section: | |
“Rule against perpetuities. | ||
61 A.—(1) The rules of law and equity relating to perpetuities, inalienability and accumulations and the provisions of the Accumulations Act, 1892, shall not apply and shall be deemed never to have applied to any trust to which this section applies. | ||
(2) Subject to subsection (3), this section shall apply to— | ||
(a) any trust which as created had or subsequently has as its main purpose the provision of relevant benefits within the meaning of section 13 (1) of the Finance Act, 1972 , and which is capable of receiving approval under Chapter II of Part I of that Act, and | ||
(b) any trust which is also an occupational pension scheme notwithstanding that it may cease to be an occupational pension scheme. | ||
(3) This section shall not apply to any trust the resources of which have, whether in whole or in part, been returned before the passing of the Pensions (Amendment) Act, 1996, by reason of the rules or provisions referred to in subsection (1). | ||
(4) The persons (if any) having the power to amend a trust to which this section applies may amend the said trust so as to dispense with any limitations on the duration of the said trust the purpose of which is to ensure compliance with the rules or provisions referred to in subsection (1), notwithstanding any provision of the said trust to the contrary.”. |