Regulation 3 Amendment of regulation 3I1

Regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes)^f1 shall be amended in accordance with paragraphs (2) to (5).

In paragraph (1)^f2 for “the instruments establishing a stakeholder pension scheme (the “scheme instruments”)” there shall be substituted “the scheme instruments”.

In paragraph (5A)^f3 for “Subject to paragraphs (10) and (11) and to regulation 17(1),” there shall be substituted “Subject to paragraph (10) and to regulation 17(1) and (5),”.

After paragraph (5A) there shall be inserted the following paragraph—

“(5B)

The scheme instruments must, except to the extent necessary to ensure that the scheme has tax-exemption or tax-approval, permit as means of payment of contributions to the scheme payment from a bank account or building society account by—

(a)

cheque;

(b)

direct debit;

(c)

standing order;

(d)

direct credit (other than standing order),

and (for the avoidance of doubt) for the purposes of this paragraph, those means of payment do not include payment by cash, credit card or debit card (or by any combination thereof).”.

Paragraph (11)^f4 shall be omitted.