delete The Personal Pension Schemes (Deferred Annuity Purchase) (Acceptance of Contributions) Regulations 1996
These 1996 Regulations prescribe a restriction for the purpose of section 638(7A) of the Income and Corporation Taxes Act 1988, specifically prohibiting personal pension schemes from accepting minimum contributions after a member's pension date (when they have elected to defer annuity purchase and make income withdrawals under section 634A). The regulations define key terms including 'member', 'personal pension scheme', and 'pension date'.
These regulations restrict voluntary financial contracting between individuals and pension providers, limiting how citizens can structure their own retirement savings. Such restrictions on when contributions can be accepted represent government interference in private pension arrangements, adding complexity and reducing consumer choice. The underlying policy goal of preventing tax-efficient accumulation alongside income withdrawals could be achieved through simpler structural approaches or left to individual contractual arrangements, rather than prescriptive regulatory prohibition.