Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/2512 |
2001 No. 2512
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001
Made 12th July 2001
Laid before Parliament 13th July 2001
Coming into force 6th August 2001
The Treasury, in exercise of the powers conferred on them by sections 426 to 428 of the Financial Services and Markets Act 20001, hereby make the following Order:
Citation, commencement and interpretation
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001 and comes into force on 6th August 2001.
(2) In this Order—
“the Act” means the Financial Services and Markets Act 2000;
“commencement” means the beginning of the day on which section 19 comes into force;
“the deemed scheme” has the meaning given by article 2(3);
“designated provision” means a pension review provision designated in accordance with article 3 as that provision has effect after commencement by virtue of this Order;
“designation instrument” means an instrument made under article 3;
“free standing additional voluntary contribution scheme” means a scheme approved by the Commissioners of Inland Revenue as such a scheme under section 591 of the Income and Corporation Taxes Act 19882;
“new provision” has the meaning given by article 6(4);
“occupational pension scheme” and “personal pension scheme” have the meaning given by section 1 of the Pension Schemes Act 19933;
“pensions review provision” means any (or any part of any) enactment, subordinate legislation or other instrument or provision (including guidance in writing or other legible form) which (or to the extent that it) provides for, or relates to, the conduct of a review into, or the taking of other steps with respect to—
(a) the selling, between 29th April 1988 and 30th June 1994, by persons who were at the time—
(i) authorised persons under the Financial Services Act 19864, or
(ii) appointed representatives of such persons (within the meaning of that Act),
of rights in, or interests under, personal pension schemes; or
(b) the selling, by such persons between 29th April 1998 and 15th August 1999, of rights in, or interests under, free standing additional voluntary conribution schemes.
(3) References in this Order to “selling” rights or interests are to be construed in accordance with paragraph 27 of Schedule 2, but also include—
(a)
(a) the giving of advice to acquire rights or interests, and
(b)
(b) the making of arrangements for another person to acquire, or with a view to another person acquiring, rights or interests.
(4) References in this Order to numbered sections or Schedules are (except where otherwise indicated) references to sections of, or Schedules to, the Act.
Pensions review provisions to take effect as deemed scheme under section 404
2.—(1) This article applies to a pensions review provision which—
(a)
(a) has been designated by the Authority under article 3; and
(b)
(b) has not been amended (other than under article 4, or article 6(1)(b) as applied by article 6(3)) or revoked at any time between its designation and commencement.
(2) Where a pensions review provision—
(a)
(a) has been designated by the Authority under article 3; and
(b)
(b) has been amended (other than under article 4, or article 6(1)(b) as applied by article 6(3)) at any time between its designation and commencement by a further such provision which has itself been so designated,
this article applies to the original provision, subject to that amendment.
(3) After commencement, a pensions review provision to which this article applies has effect, with such modifications (if any) as may be made under article 4, or article 6(1)(b) as applied by article 6(3), as if it were a provision of an authorised scheme within the meaning of section 404 (schemes for reviewing past business) (“the deemed scheme”), subject to any modifications later made in accordance with article 6(1)(b).
(4) Paragraph (3) applies—
(a)
(a) in spite of any repeal, revocation or other lapsing of the pensions review provision which occurs on commencement;
(b)
(b) notwithstanding the fact that no scheme order has been made under section 404 (or that the conditions for the making of such an order have not been satisfied); and
(c)
(c) irrespective of whether the pensions review provision could have been included in a scheme authorised by such an order.
Designation of pre-commencement provisions
3.—(1) The Authority may under this article designate any pensions review provision currently in force.
(2) To designate a pensions review provision, the Authority must—
(a)
(a) make an instrument in writing identifying the provision in the manner required by paragraph (3);
(b)
(b) specify in the instrument that the provision is to have effect as a provision of an authorised scheme within the meaning of section 404;
(c)
(c) specify any modification to be made to the provision pursuant to article 4;
(d)
(d) identify the class of persons to whom the provision is to apply;
(e)
(e) publish the instrument in the way appearing to the Authority to be best calculated to bring it to the attention of the public;
(f)
(f) have in place arrangements whereby a copy of the provision (incorporating any modifications made pursuant to article 4) may be made available to any person on request.
(3) In order to identify the pensions review provision for the purposes of paragraph (2) the Authority must give sufficient information about—
(a)
(a) the date, title, author and source of the enactment, subordinate legislation or other instrument in which the provision is found;
(b)
(b) whether the provision comprises the whole of that enactment, subordinate legislation or other instrument or only a part of it (in which case identifying which part);
(c)
(c) whether the provision has been amended prior to its designation, or whether its meaning has been affected by any subsequent provision made prior to that time;
to ensure that a person can ascertain with certainty the content of the provision being designated.
(4) Paragraph (3)(c) does not require the giving of information about amendments (or changes in meaning) made by any provision which is itself designated under this article.
(5) To the extent to which the instrument does not comply with paragraph (2)(b), it...
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