Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1997

JurisdictionUK Non-devolved
CitationSI 1997/3038

1997 No. 3038

PENSIONS

The Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1997

Made 18th December 1997

Laid before Parliament 22th December 1997

Coming into force 12th January 1998

The Secretary of State for Social Security, in exercise of the powers conferred by sections 6(3), 7(2A), 42A(3), 44(1), 113, 181(1) and (4) and 182(2) and (3) of the Pension Schemes Act 19931and sections 21(4) to (6), 23(3)(c), 41(6), 47(6), 56(2)(b), 61, 75(5), 124(1) and 174(2) and (3) of the Pensions Act 19952and of all other powers enabling her in that behalf, having consulted such persons as she considers appropriate3, hereby makes the following Regulations:

S-1 Citation and commencement

Citation and commencement

1. These Regulations may be cited as the Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1997 and shall come into force on 12th January 1998.

S-2 Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

2. In regulation 76A(4) of the Occupational Pension Schemes (Contracting-out) Regulations 19964(transitional arrangements for schemes contracted-out under section 9(2) of the Pension Schemes Act 1993 to become contracted-out under section 9(3) of that Act) omit the words “or 31st January 1998, if it is earlier”.

S-3 Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996

Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996

3. In regulation 18 of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 19965(aggregation of linked schemes) omit the words “or regulation 5(2)”.

S-4 Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996

Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996

4.—(1) The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 19966shall have effect with the following amendments.

(2) In regulation 28(1) (exemptions from minimum funding requirement)—

(a)

(a) at the end of sub-paragraph (g) omit the word “or”;

(b)

(b) at the end of sub-paragraph (h) add—

“; or

(i)

(i) to the Chatsworth Settlement Estate Pension Scheme.”.

(3) In regulation 28(3) omit the words “at an applicable time (as defined in subsection (3) of that section)”.

(4) After regulation 28(3) insert—

S-3A

“3A Paragraph (3) shall apply in the case of a debt which has arisen under section 144 of the Pension Schemes Act 19937(deficiencies in the assets of a scheme on winding up) as if it were a debt arising under section 75.”.

(5) In regulation 29 (modifications) after paragraph (d) add—

“(e)

“(e) schemes which are exempt from the requirement to appoint an actuary.”.

(6) In Schedule 5 (modifications) after paragraph 6 add—

S-7

Schemes which are not required to appoint an actuary

7 Where a scheme is exempt from the application of section 47(1)(b) (requirement to appoint a scheme actuary) by virtue of regulations made under subsection (5) of that section8, sections 56 to 60 and these Regulations shall apply as if references to the actuary were to an actuary authorised by the trustees or managers to provide such valuations or certifications as may be required under those sections and these Regulations.”.

S-5 Amendment of the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996

Amendment of the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996

5. In regulation 2(2) of the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 19969(interpretation), before the definition of “the applicable time” insert—

““the actuary” means the actuary appointed for the scheme in pursuance of section 47(1)(b) or, in the case of a scheme to which that provision does not apply by virtue of regulations made under subsection (5) of that section, an actuary otherwise authorised by the trustees or managers to provide such valuations or certifications as may be required under these Regulations;”.

S-6 Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations 1996

Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations 1996

6.—(1) The Occupational Pension Schemes (Disclosure of Information) Regulations 199610shall have effect with the following amendments.

(2) In regulation 4(2) (requirement to disclose basic information about the scheme) for the words following “has not previously been given” substitute—

“to an active member or a pensioner member who was a member of the scheme on 5th April 1997, such information shall be given to that person—

(a) in the case of a pensioner member who was a deferred member on that date, within 2 months of his becoming a pensioner member or by 5th April 1998, whichever is later;

(b) in any other case, by 5th April 1998.”.

(3) In regulation 5(10) (information to be given to individuals on winding up) for the words “Subject to paragraph (11), when” substitute “When”11.

S-7 Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 1996

Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 1996

7. In regulation 5(2)(b)(i) of the Occupational Pension Schemes (Scheme Administration) Regulations 199612(manner and terms of appointment and removal of professional advisers)—

(a) after the word “who—” insert—

“—is subject to rules made under section 48 of the Financial Services Act 198613, which impose requirements in relation to conflicts of interest, or”; and

(b) omit the words “of Chapter III”.

S-8 Amendment of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996

Amendment of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996

8. For paragraph 5 of the Schedule to the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 199614(contents of accounts) substitute—

S-5

5. Where the scheme has employer-related investments, within the meaning of section 40(2) of the Pensions Act 1995, a statement—

(a) as to the percentage of the scheme’s resources invested in such investments at the end of the scheme year; and

(b) if that percentage exceeds 5 per cent., as to the percentage of the scheme’s resources which are investments to which regulation 6 of the Occupational Pension Schemes (Investment) Regulations 199615(investments to which restrictions on employer-related investments do not apply) applies.”.

S-9 Amendment of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996

Amendment of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996

9.—(1) The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 199616shall have effect with the following amendment.

(2) After regulation 1 insert—

S-1A

Persons entitled to benefits to be regarded as members for the purposes of section 146(7) of the 1993 Act

1A. For the purposes of section 146(7) of the 1993 Act17(persons who are actual or potential beneficiaries) a person shall be regarded as a member of a scheme if he is, or has been, entitled to the payment of benefits under it.”.

S-10 Amendment of the Occupational Pension Schemes (Independent Trustee) Regulations ...

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