Explanatory note
(This note is not part of the Regulations)
Regulations 5 and 10 of the Principal Regulations prescribe the manner and form in which occupational pension schemes that currently carry out cross-border activity within the European Union must apply to the Pensions Regulator for authorisation and approval to carry out such activity, and specify that such applications must be made by 29th March 2006.
These Regulations amend those provisions so that, provided that they do make such applications by that date, such schemes may submit some of the information required to be included as part of such an application after that date, provided that the remaining information is submitted by 15th May 2006.
The amendment is made in order to comply with the requirements of Article 9 of the European Union Directive on the activities and supervision of institutions for occupational retirement provision (Directive 2003/41/EC; OJ No. L 235, 23.9.03, p.10) (“the Directive”).
A Regulatory Impact Assessment has not been prepared for this instrument as it has no impact on the costs of business, charities or voluntary bodies. Copies of a transposition note concerning the implementation of the Directive by these Regulations have been placed in the libraries of both Houses of Parliament, and may also be obtained from Private Pensions, Department for Work and Pensions, 3rd floor, Adelphi, 1-11 John Adam Street, London WC2N 6HT.