The following Pensions practice note produced in partnership with Alistair Hill of CMS provides comprehensive and up to date legal information covering:
Investment-regulated pension schemes (IRPSs) are a particular category of registered pension schemes that are subject to additional controls on the asset classes that can be held as investments. They were introduced as a separate category of registered pension scheme by the Finance Act 2004 (FA 2004), as modified in advance of 6 April 2006 by the Finance Act 2006 (as announced by the Chancellor in the Autumn Statement on 5 December 2005).
An IRPS could be either an occupational or a personal pension scheme, and the two categories of arrangement principally regarded as IRPSs are those arrangements commonly referred to as:
small self-administered schemes (SSASs) (a type of occupational pension scheme), and
self-invested personal pensions (SIPPs) (under which a member can have almost complete autonomy in determining the investments that are to be made)
Unless they are entitled to transitional protection (see below), since 6 April 2006 IRPSs have been unable to invest directly or indirectly in ‘taxable property’ without severe tax charges. Acquiring an interest in ‘taxable property’ which is held for the purposes of an arrangement under the pension scheme relating to the member would result in a pension scheme that is an IRPS having made an unauthorised payment to the member. In addition, subsequent improvements to that property or conversion of a non-residential property to residential use will also constitute
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