Explanatory note

These Regulations amend the Personal Pension Schemes (Appropriate Schemes) Regulations 1988.

Regulation 2 inserts a new regulation 15A into those Regulations which provides that a scheme can only be an appropriate personal pension scheme if it contains a rule requiring any minimum contributions falling to be applied so as to provide benefits in respect of a member to be so applied from the date on which they are paid to the scheme and to be allocated to a member’s account within three months of that date.

The report of the Occupational Pensions Board on the proposals referred to them, together with a statement by the Secretary of State is contained in Command Paper Cm.2913, published by Her Majesty’s Stationery Office.

These Regulations do not impose costs on business.