Article 262 Meaning of “stakeholder pension scheme”

Article 3 of the 1999 Order (meaning of “stakeholder pension scheme”) is amended in accordance with paragraphs (2) to (4).

In paragraph (1) (requirements to be met by stakeholder pension schemes), in sub-paragraph (a) for “to (9)” substitute “to (10)”.

In paragraph (5) (prescribed requirements relating to administrative expenses of scheme), in sub-paragraph (a) for “by or on behalf of” substitute “by, or on behalf or in respect of,”.

After paragraph (9) add—

“(10)

The ninth condition is that—

(a)

if the scheme is an occupational pension scheme, it is specified in a contracting-out certificate in relation to all categories of employment to which the scheme relates, and

(b)

if the scheme is a personal pension scheme, it is an appropriate scheme within the meaning of section 3(4) of the Pension Schemes Act.”.

In Article 4 of that Order (registration of stakeholder pension), in paragraph (2)(b)(i) for “to (9)” substitute “to (10)”.