Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002
| Jurisdiction | UK Non-devolved |
| Citation | SI 2002/2098 |
2002 No. 2098
PENSIONS
The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002
Made 8th August 2002
Laid before Parliament 14th August 2002
Coming into force 9th September 2002
The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 1(1)(b), 8(1)1and 83(4)(a) and (b) and (6)(a) of the Welfare Reform and Pensions Act 19992and of all other powers enabling him in that behalf, hereby makes the following Regulations:
Citation, commencement and interpretation
1.—(1) These Regulations may be cited as the Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 and shall come into force on 9th September 2002.
(2) In these Regulations a reference to a numbered regulation is to the regulation bearing that number in the Stakeholder Pension Schemes Regulations 20003.
Amendment of Regulation 1
2.—(1) Regulation 14(citation, commencement and interpretation) shall be amended in accordance with this regulation.
(2) In paragraph (5) for “regulations 4(3) and 11(4)” there shall be substituted “regulation 4(3)”.
Amendment of Regulation 11
3.—(1) Regulation 115(requirement for manager of schemes not established under trust to appoint a reporting accountant) shall be amended in accordance with this regulation.
(2) For paragraph (4) there shall be substituted the following paragraph—
“4 A person is eligible for appointment as the reporting accountant only if he is eligible (but subject to paragraph (10)) under section 25 of the Companies Act 19896for appointment as a company auditor.”.
(3) In paragraph (6) for “within one month of his receiving” there shall be substituted “by the end of one month beginning with the date he received”.
(4) In paragraph (7) there shall be omitted the phrase “(including where he resigns solely or partly because he is required to do so by paragraph (7A))”7.
(5) In paragraph (7A)8—
(a)
(a) for “paragraph (11) or of not satisfying the conditions” substitute “not or no longer being a person defined in paragraph (11) who satisfies the condition”;
(b)
(b) for sub-paragraph (c) there shall be substituted the following sub-paragraph—
“(c)
“(c) he shall resign (with immediate effect) by notice in writing immediately he becomes aware that he is ineligible;”;
(c)
(c) in sub-paragraph (e) there shall be omitted the phrases—
(i) “notwithstanding sub-paragraph (c),”;
(ii) “are or”; and
(iii) “, or should reasonably be or become aware,”.
(6) For paragraphs (8) and (9)9there shall be substituted the following paragraphs—
“8 Except in cases falling within paragraph (9), where the reporting accountant is removed by the trustees or manager or resigns or dies, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—
(a) as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with; and
(b) in any event, by the end of 3 months beginning with the date of that removal, resignation or death.
9 Where under paragraph (7A) the reporting accountant resigns with immediate effect or is removed, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—
(a) as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with; and
(b) in any event, by the end of one month beginning with the date of that resignation or removal.”.
(7) In paragraph (10) for “paragraph (4)(c)” there shall be substituted “paragraph (4)”.
Amendment of Regulation 12
4. For regulation 1210(requirement for annual declaration) substitute the following—
“Requirement for declaration by trustees or manager
12.—(1) For the purposes of section 1(1)(b), it shall be a condition of a scheme being a stakeholder pension scheme that the requirements of this regulation are complied with.
(2) Subject to paragraph (11), the trustees or manager of the scheme shall, no later than the end of 6 months beginning with each reporting date—
(a)
(a) make a declaration in writing signed by the trustees or manager containing the statements set out in paragraph (5) in relation to the reporting period or, in so far as they are unable to make those statements, containing a statement explaining why they are unable to do so; and
(b)
(b) obtain from the reporting accountant appointed by virtue of regulation 11 the statement specified in paragraph (7) or, in so far as the reporting accountant is unable to make that statement, a statement from the reporting accountant explaining why he is unable to do so.
(3) Subject to paragraph (10), in this regulation “reporting date” means—
(a)
(a) in the case of the first reporting date, a date chosen by the trustees or manager that is no later than the last day of the period of 12 months beginning with the date on which the scheme is registered under section 2 of the Act; and
(b)
(b) in the case of each subsequent reporting date, a date chosen by the trustees or manager that is no later than the last day of the period of 12 months beginning with the date immediately following the previous reporting date.
(4) Subject to paragraph (10), in this regulation “reporting period” means—
(a)
(a) in the case of the first reporting period, the period beginning on the date of registration of the scheme under section 2 of the Act and ending on and including the first reporting...
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