# The Stakeholder Pension Schemes (Amendment No. 2) Regulations (Northern Ireland) 2001, Regulation 7: Amendment of regulation 11

Extent: N.I.

(1) Regulation 11 (requirement for manager of schemes not established under trust to appoint a reporting accountant) shall be amended in accordance with paragraphs (2) to (10).
(2) In paragraph (1) for “Subject to paragraph (2), for” there shall be substituted “For”.
(3) Paragraph (2) shall be omitted.
(4) For paragraph (3) there shall be substituted the following paragraph—
“(3) There shall be appointed as reporting accountant for the scheme (“the reporting accountant”), by the trustees or manager of the scheme, a person who is eligible under paragraph (4) for such appointment.”.
(5) For paragraph (4) there shall be substituted the following paragraph—
“(4) A person is eligible for appointment as the reporting accountant only if—
(a) he is not or, in the case of a partnership, no partner or employee of the partnership is a member of the scheme;
(b) he is not or, in the case of a partnership, neither the partnership nor any partner or employee of the partnership is connected with or an associate of the manager, or any of the trustees, of the scheme;
(c) he is eligible under Article 28 of the Companies (Northern Ireland) Order 1990 (eligibility for appointment) (“the 1990 Order”) for appointment as a company auditor, and
(d) he is not by virtue of Article 30 of the 1990 Order (ineligibility on ground of lack of independence) ineligible for appointment as company auditor of a company which is an employer in relation to the scheme.”.
(6) In paragraphs (6) to (8), for “manager” in each place where it occurs there shall be substituted “trustees or manager”.
(7) In paragraph (7)—
(a) after “in the event of his resignation” there shall be inserted “(including where he resigns solely or partly because he is required to do so by paragraph (7A))”, and
(b) for sub-paragraph (ii) there shall be substituted the following—
“(ii) a declaration that he knows of no such circumstances,
but for the purposes of this paragraph, such circumstances shall not include the mere fact of his being, or having become, ineligible as mentioned in paragraph (7A).”.
(8) After paragraph (7) there shall be inserted the following paragraph—
“(7A) Where the reporting accountant is or becomes ineligible, by virtue of not satisfying the conditions in paragraph (4), for his appointment as such—
(a) he shall not act as the reporting accountant (except if required to do so under paragraph (6), and except as required by his agreement under paragraph (7) and as required by sub-paragraphs (c) and (d));
(b) anything done for the purposes of these Regulations by him acting as such while ineligible in contravention of sub-paragraph (a) shall by the trustees or manager be taken for those purposes not to have been done;
(c) he shall resign (with immediate effect) by notice in writing immediately he is or becomes aware, or, as the case may be, should reasonably be or become aware, that he is or has become so ineligible;
(d) he shall state in that notice—
(i) that he is resigning by reason of ineligibility, and
(ii) the ground on which he is or has become so ineligible;
(e) notwithstanding sub-paragraph (c), if he is still in place when the trustees or manager are or become aware, or should reasonably be or become aware, that he is or has become so ineligible, the trustees or manager shall remove him immediately.”.
(9) In paragraph (8)—
(a) for “Where” there shall be substituted “Except in cases falling within paragraph (9), where”, and
(b) for the words “shall appoint” to the end there shall be substituted—
“shall appoint, in accordance with this regulation, another reporting accountant—
(a) within 3 months of the date of that removal, resignation or death, or
(b) if earlier, as soon as is required in order not to prevent compliance with regulation 12(5) and (6).”.
(10) After paragraph (8) there shall be inserted the following paragraphs—
“(9) Where under paragraph (7A) the reporting accountant resigns with immediate effect or is removed, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—
(a) within one month of the date of that resignation or removal, or
(b) if earlier, as soon as is required in order not to prevent compliance with regulation 12(5) and (6).
(10) In this regulation references to a person are references to an individual, a body corporate or a partnership.”.

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Source: https://www.legislation.gov.uk/nisr/2001/119/regulation/7 (the official version)
Page: https://openlegislation.uk/stakeholder-pension-schemes-amendment-no-2-regulations-northern-ireland-2001/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.