Regulation 3 Persons who and bodies which may establish schemesI1

England, Wales and Scotland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 3 amended by County of Gwynedd (Electoral Arrangements) 1988
reg. 3(3)(d) added by Personal Pension Schemes 1988 reg. 3(d)
reg. 3(4) inserted by Personal Pension Schemes 1988 reg. 3(e)
reg.3(2) substituted by Occupational and Personal Pension Schemes 1995 reg.7(c)
reg. 3 amended by Personal and Occupational Pension Schemes 1990
reg. 3(3) modified by Banking Coordination (Second Council Directive) 1992 Sch. 10 para. 43

(1)

Without prejudice to any other requirements of the Act or regulations made under it—

(a)

an arrangement such as is described in regulation 2(1)(a) which is established by a Friendly Society can be an appropriate scheme only if paragraph (2) applies to that Friendly Society; and

(b)

an arrangement such as is described in regulation 2(1)(c) can be an appropriate scheme only if it is established by a person to whom or a body to which paragraph (3) applies.

(2)

This paragraph applies to a Friendly Society which—

(a)

is authorised by virtue of Chapter III of Part I of the Financial Services Act 1986; and

(b)

has disclosed in its audited accounts a contributions income of not less than £300,000 in the year 1986 and £400,000 in the year 1987.

(3)

This paragraph applies to—

(a)

a building society as defined in the Building Societies Act 1986;

(b)

a Pension Company within the meaning of the Building Societies (Designation of Pension Companies) Order 1987^f1which is an associated body of a building society within the meaning of section 18(17) of the Building Societies Act 1986;

(c)

an institution authorised under Part I of the Banking Act 1987^f2.

Annotations

Commencement

I1: Reg. 3 in force at 1.3.1988, see reg. 1(1)

Footnotes

f1: S.I. 1987/1871.
f2: 1987 c. 22.