The Occupational Pension Schemes (Scheme Administration) Regulations 1996

1. Introductory Text

2. PART I INTRODUCTION

   1. 1. Citation, commencement and interpretation

3. PART II Advisers and Service Providers

   1. 2. Appointment of professional advisers by trustees or managers

   2. 3. Exemptions from the professional advisers requirements

   3. 4. Qualifications and experience or approval required for appointment as the auditor or actuary

   4. 5. Manner and terms of appointment and removal of professional advisers

   5. 6. Duty to disclose information

   6. 6A. Appointment of service providers in respect of relevant schemes

4. PART III TRUSTEES

   1. CHAPTER I TRUSTEES: GENERAL

      1. 7. Ineligibility to act as actuary or auditor

      2. 8. Meaning of trustee of a trust scheme

   2. CHAPTER II FUNCTIONS OF TRUSTEES

      1. 9. Exemption from the requirement to give notice of an occasion when a specified number of trustees must be present for a decision

      2. 10. Manner of, and time for giving, notice when a specified number of trustees must be present for a decision

   3. CHAPTER III RECEIPTS, PAYMENTS AND RECORDS

      1. 11. Exemption from the requirement for money to be kept by the trustees

      2. 12. Requirement for trustees to keep books and records

      3. 13. Records of trustees’ meetings

      4. 14. Period for which books and records must be kept

      5. 15. Employer to make payments of benefits into a separate account

      6. 16. Prescribed time in which an employer must make payments to trustees or managers

      7. 16A. Exemptions from the requirement to notify the Authority or the member of a late contribution payment

5. PART IV MONEY PURCHASE SCHEMES

   1. 17. Exemption from requirement to secure a payment schedule

   2. 18. Amounts to be shown in a payment schedule

   3. 19. Requirements which a payment schedule must satisfy

   4. 20. Period within which notice must be given

   5. 21. Circumstances where notice of non-payment of any amount payable to a scheme need not be given

6. PART V GOVERNANCE OF RELEVANT SCHEMES

   1. CHAPTER 1 GENERAL

      1. 22. Duty to appoint a chair of the trustees or managers

      2. 23. Annual statement regarding governance

      3. 24. Requirements for processing financial transactions

      4. 25. Assessment of charges and transaction costs

      5. 25A. Assessment of asset allocation

   2. CHAPTER 3 RELEVANT MULTI-EMPLOYER SCHEMES

      1. 26. Annual statement regarding governance: relevant multi-employer schemes

      2. 27. Appointment of trustees

      3. 28. Appointment of trustees: trustees who are non-affiliated

      4. 29. Representation of members

7. PART 6 Governance of relevant trust schemes

   1. CHAPTER 1 Introductory

      1. 30. Scope of Part 6

      2. 31. General interpretation

      3. 32. Time at which services are provided

   2. CHAPTER 2 Use of fiduciary management services

      1. 33. Duties of trustees to carry out tender process in connection with the provision of fiduciary management services by FM providers

   3. CHAPTER 3 Use of investment consultancy services

      1. 34. Meaning of “IC provider”, “existing IC provider” and related expressions

      2. 35. Duty to set objectives for IC providers

      3. 36. Duty to review performance of IC providers

   4. CHAPTER 4 Compliance

      1. Compliance notices

         1. 37. Compliance notice

         2. 38. Third party compliance notice

      2. Penalty notices

         1. 39. Penalty notices

         2. 40. Penalty notices: recovery of penalty

         3. 41. Penalty notices: recovery of penalty from bodies corporate and Scottish partnerships

      3. Service of notices

         1. 42. Service of notices

      4. Review of notices

         1. 43. Review of notices

      5. References to the Upper Tribunal

         1. 44. Reference to the Upper Tribunal

8. Signature

9. 1. SCHEDULE

      Duties of trustees of relevant trust schemes in connection with provision of FM services

      1. PART 1 Introductory

         1. 1. Scope

         2. 2. General Interpretation

         3. 3. Meaning of “FM provider”, “in-scope FM provider”, “continuing in-scope FM provider”, “out-of-scope FM provider”, “manageable assets” and related expressions

         4. 4. The asset management threshold

         5. 5. Meaning of “qualifying tender process”

      2. PART 2 Duties of trustees of relevant trust schemes which met the asset management threshold before the commencement date

         1. 6. Application of Part 2

         2. 7. Duty of trustees to carry out a qualifying tender process in connection with continued use of continuing in-scope FM providers

      3. PART 3 Duties of trustees of relevant trust schemes which meet the asset management threshold on or after the commencement date

         1. 8. Duty of trustees of a relevant scheme to carry out a qualifying tender process in connection with appointment, or change to the mandate, of an in-scope FM provider

         2. 9. Duty of the trustees to carry out a qualifying tender process in respect of arrangements with existing FM providers not appointed following a relevant tender process

         3. 10. Notification to FM providers

10. Explanatory Note