The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006

Amendment of the Principal Order

2.—(1) The Principal Order is amended as follows.

(2) In paragraph (1) of article 3 (interpretation)—

(a) for the definition of “occupational pension scheme”, substitute—

““occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993(1) but with paragraph (b) of the definition omitted;”;

(b) after the definition of “pension fund management contract” insert—

““personal pension scheme” means a scheme or arrangement which is not an occupational pension scheme or a stakeholder pension scheme and which is comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of people—

(a)

on retirement,

(b)

on having reached a particular age, or

(c)

on termination of service in an employment;”.

(3) In the title of Chapter 11 of Part 2 (stakeholder pension schemes), omit “stakeholder”.

(4) For article 52 (establishing etc. a stakeholder pension scheme), substitute—

“Establishing etc. a pension scheme

52.   The following are specified kinds of activity—

(a) establishing, operating or winding up a stakeholder pension scheme;

(b) establishing, operating or winding up a personal pension scheme.”.

(5) For article 82 (rights under a stakeholder pension scheme), substitute—

“Rights under a pension scheme

82.— (1) Rights under a stakeholder pension scheme.

(2) Rights under a personal pension scheme.”.

(1)

The definition of “occupational pension scheme” was inserted into section 1 of the Pensions Act 1993 (c. 48) by the Pensions Act 2004 (c. 35) section 239(1) and (2).