KEY POINTS
- The perpetuity rules for by-pass trusts are not as simple as originally envisaged.
- A comparison of the position where a member joins a pension scheme before 6 April 2010 or after 5 April 2010.
- Do pension scheme members realise that they are acting as settlors?
- The conflict between different perpetuity periods.
- An opportunity for simplification has been missed.
It would seem that in my previous article (see In perpetuity) I was too optimistic that the Perpetuities and Accumulations Act 2009 (PAA 2009) had completely simplified the issue of the perpetuity (and accumulation) period that applies to a pilot spousal by-pass trust (i.e. a trust established by a pension scheme member during his lifetime to which...
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