The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) (Amendments) Regulations 2017

Amendment of Regulation 2

3.  In regulation 2 (requirements of an overseas pension scheme)—

(a) in paragraph (1)—

(i) insert “subject to paragraph (2A)” at the start of sub-paragraph (a), and

(ii) omit “and satisfy the requirements in paragraph (4)” in sub-paragraph (b);

(b) in paragraph (2)—

(i) for sub-paragraph (c) substitute—

“(c) sub-paragraph (a) is not satisfied by reason only that no such regulatory body exists in the country or territory; or”;

(ii) after sub-paragraph (c) insert—

“(d) sub-paragraph (b) is not satisfied by reason only that no such regulatory body exists in the country or territory and—

(i) the scheme is established in another member State, Norway, Iceland or Liechtenstein; or

(ii) there is in the country or territory in which the scheme is established a body—

(aa) which regulates providers of pension schemes; and

(bb) which regulates the provider for the purpose of establishing the scheme in question.”;

(c) after paragraph 2 insert—

“(2A) An overseas public service pension scheme that falls within regulation 3(1B) is deemed to satisfy the requirements in paragraph (2).”(1);

(d) omit paragraph (4);

(e) omit the definition of “UK tax-relieved scheme funds” in paragraph (5).

(1)

Paragraph 3(1B) was inserted by S. I. 2013/2259.