Stakeholder Pension Schemes (Amendment) Regulations 2001

JurisdictionUK Non-devolved
CitationSI 2001/104

2001 No. 104

PENSIONS

The Stakeholder Pension Schemes (Amendment) Regulations 2001

Made 18th January 2001

Laid before Parliament 23th January 2001

Coming into force 14th February 2001

The Secretary of State for Social Security, in exercise of powers conferred by sections 1(2), (3) and (7), 8(1)1and 83(4) and (6) of the Welfare Reform and Pensions Act 19992, and of all other powers enabling him in that behalf, hereby makes the following Regulations:

S-1 Citation, commencement and interpretation

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Stakeholder Pension Schemes (Amendment) Regulations 2001 and shall come into force on 14th February 2001.

(2) In these Regulations, a reference to a numbered regulation is to the regulation bearing that number in the Stakeholder Pension Schemes Regulations 20003.

S-2 Amendment of regulation 2

Amendment of regulation 2

2. For regulation 2(2) substitute—

S-2

“2 The manager of the scheme must be a person who is—

(a) mentioned in section 632(1) of the Income and Corporation Taxes Act4(establishment of schemes); or

(b) the authorised corporate director of an open-ended investment company.

S-3

3 In this regulation “authorised corporate director” and “open-ended investment company” each has the same meaning as in the Open-ended Investment Companies (Tax) Regulations 19975.”.

S-3 Amendment of regulation 3

Amendment of regulation 3

3.—(1) Regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes) shall be amended as follows.

(2) In paragraph (1) for “the acceptance of contributions, transfer payments and pension credits” substitute—

“the acceptance of credits within the meaning of section 29 (pension sharing: creation of pension debits and credits), contributions and transfer payments”.

(3) After paragraph (5) insert—

S-5A

“5A Subject to paragraphs (10) and (11) and to regulation 17(1), except to the extent necessary to ensure that the scheme has tax-exemption or tax-approval, the scheme instruments must preclude membership of the scheme being restricted by reference to—

(a) financial status;

(b) the amount of contributions to be made to the scheme;

(c) the manner in which contributions may be made to the scheme.”.

(4) After paragraph (9) insert—

S-10

“10 Paragraph (5A) shall not preclude membership being restricted by reference to—

(a) employment with a particular employer or in a particular trade or profession; or

(b) membership of a particular organisation.

S-11

11 The scheme instruments may permit restrictions on payment of contributions by means of cash or a credit card.”.

S-4 Amendment of regulation 4

Amendment of regulation 4

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