Regulation 4 Amendments to the Principal Regulations

In regulation 3(2) for sub-paragraphs (a) and (b) there shall be substituted–

“(a)

self-administered schemes other than schemes which fall within either or both of sub-paragraphs (a) and (b) of paragraph (3);

(b)

insured schemes, the policies in respect of which do not provide that levels of contributions require to take account of surpluses, other than schemes–

(i)

the policies in respect of which provide only for lump sum benefits for members on death before normal retirement age, or

(ii)

which are simplified defined contribution schemes.”.

After regulation 3(2) there shall be inserted–

“(3)

The schemes which fall within this paragraph are schemes which–

(a)

have less than 12 members,

(b)

are simplified defined contribution schemes.”.