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The Stakeholder Pension Schemes (Amendment) Regulations (Northern Ireland) 2001

S.R. 2001/13 · Made 19 January 2001 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 6 April 2013.

PENSIONS

Made 19th January 2001

Coming into operation 14th February 2001

The Department for Social Development, in exercise of the powers conferred by Articles 3(2), (3) and (7) and 73(4) of the Welfare Reform and Pensions (Northern Ireland) Order 1999f1, and now vested in itf2, and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

S.I. 1999/3147 (N.I. 11)

f2

See Article 8(b) of S.R. 1999 No. 481

Contents

  1. 1Citation, commencement and interpretation
  2. 2Amendment of regulation 2 Repealed
  3. 3Amendment of regulation 3
  4. 4Amendment of regulation 4
  5. 5Revocation of regulation 5
  6. Signature
  7. Explanatory note

1Citation, commencement and interpretationI1

(1)

These Regulations may be cited as the Stakeholder Pension Schemes (Amendment) Regulations (Northern Ireland) 2001 and shall come into operation on 14th February 2001.

(2)

In these Regulations any reference to a numbered regulation is a reference to the regulation in the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000f1 bearing that number.

2Amendment of regulation 2F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3Amendment of regulation 3I1

(1)

Regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes) shall be amended in accordance with paragraphs (2) to (4).

(2)

In paragraph (1) for “the acceptance of contributions, transfer payments and pension credits” there shall be substituted “the acceptance of credits within the meaning of Article 26 (pension sharing: creation of pension debits and credits), contributions and transfer payments”.

(3)

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

“(5A)

Subject to paragraphs (10) and (11) and to regulation 17(1), except to the extent necessary to ensure that the scheme has tax-exemption or tax-approval, the scheme instruments must preclude membership of the scheme being restricted by reference to—

(a)

financial status;

(b)

the amount of contributions to be made to the scheme;

(c)

the manner in which contributions may be made to the scheme.”.

(4)

After paragraph (9) there shall be inserted the following paragraphs—

“(10)

Paragraph (5A) shall not preclude membership being restricted by reference to—

(a)

employment with a particular employer or in a particular trade or profession, or

(b)

membership of a particular organisation.

(11)

The scheme instruments may permit restrictions on payment of contributions by means of cash or a credit card.”.

4Amendment of regulation 4I1

(1)

Regulation 4 (additional requirements as regards instruments establishing a stakeholder pension scheme established under a trust) shall be amended in accordance with paragraphs (2) and (3).

(2)

Paragraphs (1) and (2) shall be omitted.

(3)

In paragraph (3) for “The trust instruments” there shall be substituted “The instruments establishing a stakeholder pension scheme established under a trust (“the trust instruments”)”.

5Revocation of regulation 5I1

Regulation 5 (additional requirements as regards instruments establishing a stakeholder pension scheme not established under a trust) shall be omitted.

Signature

Sealed with the Official Seal of the Department for Social Development on 19th January 2001.

L.S.

John O'Neill

Senior Officer of the

Department for Social Development

Explanatory note

(This note is not part of the Regulations.)

These Regulations amend the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000 (“the principal Regulations”).

The principal Regulations are amended—

  • to permit stakeholder schemes established otherwise than under a trust (“non-trust schemes”) to restrict membership of the scheme by reference to employment or to membership of a particular organisation. This brings non-trust schemes into line with schemes established under a trust (“trust schemes”) (regulation 3(4));

  • to clarify, for both non-trust and trust schemes, that restrictions may be imposed on payment of contributions by cash or a credit card (regulation 3(4));

  • to include the authorised corporate director of an open-ended investment company among the categories of person who may be the manager of a non-trust scheme (regulation 2), and

  • to clarify the reference in regulation 3(1) of the principal Regulations to “pension credits” (regulation 3(2)).

The Regulations also make consequential amendments (regulation 3(3), 4 and 5).