Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/934 |
(1) These Regulations may be cited as the Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 and shall come into force on 5th April 2001.(2) In these Regulations, unless the context otherwise requires, a reference to a numbered regulation or numbered schedule, is to the regulation or schedule bearing that number in the Stakeholder Pension Schemes Regulations 2000 (1) Regulation 1 (citation, commencement and interpretation) shall be amended as follows.(2) In paragraph (2) for “and Part IV shall come into force on 8th October 2001.” substitute—“ the scheme instruments ” .(3) In paragraph (5A) for “Subject to paragraphs (10) and (11) and to regulation 17(1) ,” substitute—“ The scheme instruments of a ” .(3) In paragraph (4) (a) for “or by this regulation” substitute “ , by this regulation or by regulation 6 ” .In regulation 8(6) (requirement applying to all stakeholder pension schemes as regards investments) for the definition of “contract of insurance” substitute— any (or any part) of whose objects is within any of classes I, III and VII of insurance business specified in Schedule 1 to the Insurance Companies Act 1982 (classes of long term business) ; andwhich is carried out by a person authorised under that Act to carry on insurance business including carrying out such a contract;(1) Regulation 10 (requirement for manager of schemes not established under a trust to have regard to certain matters, and to take advice, relating to investment) shall be amended as follows.(2) In paragraph (4) after “proper advice as to whether the investment” insert “ or investment option ” .(3) After paragraph (4) insert—“ For the purposes of this regulation ” .for “Paragraph (4) does not apply” substitute “ Paragraphs (4) and (4A) (b) do not apply ” ; andfor “themselves” substitute “ himself ” .after “To the extent that paragraph (4) ” insert “ or (4A) (b) ” ; andfor “persons who may themselves give proper advice” to the end substitute—
- and—
- (a) regulation 23 shall come into force on 6th April 2001; and
- (b) Part IV (except regulation 23) shall come into force on 8th October 2001.
- “dilution levy” has the meaning given by—
-
(a) in relation to—
(i) a scheme to which Part 4A (single pricing and dealing) of The Financial Services (Regulated Schemes) Regulations 1991 applies; or
- “scheme instruments” means instruments establishing a stakeholder pension scheme;
- (8) In paragraph (3) , references in the definition of “dilution levy” to—
- (a) The Financial Services (Regulated Schemes) Regulations 1991 are references to those Regulations; and
- (b) The Financial Services (Open-Ended Investment Companies) Regulations 1997 are references to those Regulations, as in force on the date on which the Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 were made.
- Subject to paragraph (10) and to regulation 17(1) and (5) ,
- (5B) The scheme instruments must, except to the extent necessary to ensure that the scheme has tax-exemption or tax-approval, permit as means of payment of contributions to the scheme payment from a bank account or building society account by—
- (a) cheque;
- (b) direct debit;
- (c) standing order;
- (d) direct credit (other than standing order) , and (for the avoidance of doubt) for the purposes of this paragraph, those means of payment do not include payment by cash, credit card or debit card (or by any combination thereof) .
- (4A) The manager of the scheme, and any person managing funds held for the purposes of the scheme, must, if retaining any investment or investment option for the purposes of the scheme—
- (a) determine at what intervals the circumstances, and in particular the nature of the investment or investment option, make it desirable to obtain and consider in relation to that investment or investment option such advice as is mentioned in paragraph (4) ; and
- (b) obtain and consider such advice accordingly.
- a person who may himself give proper advice—
-
(a) must—
(i) before making any investment or selecting any investment option for the purposes of the scheme, consider; and (ii) if so retaining any investment or investment option, consider at such intervals as are determined by him in relation to that investment or investment option under paragraph (4A) (a) , whether the investment or investment option is satisfactory having regard to the matters mentioned in paragraph (3) and the principles contained in the statement under regulation 9; and -
(b) must record in writing the reasons why he considers that any—
(i) investment he makes or retains; or (ii) investment option he selects or retains, is satisfactory having regard to those matters and principles.
- (8) No person shall be...
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