The Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1997

Persons who and bodies which may establish schemes

3.—(1) An arrangement such as is described in—

(a) regulation 2(2)(a) which is established by a Friendly Society can be an appropriate scheme only if paragraph (2) applies to that Friendly Society; and

(b) regulation 2(2)(c) can be an appropriate scheme only if it is established by a person to whom or a body to which paragraph (3) applies.

(2) This paragraph applies to a Friendly Society which is authorised under section 32(1) of the Friendly Societies Act 1992 to carry on long term business under any of the Classes specified in Head A of Schedule 2 to that Act.

(3) This paragraph applies to—

(a) a building society;

(b) a pension vehicle as defined in item 14 of Part I of the Schedule to the Building Societies (Designation of Qualifying Bodies) Order 1988(2) which is associated with a building society as described in section 18(17) of the Building Societies Act 1986;

(c) an institution authorised under Part I of the Banking Act 1987(3);

(d) subject to paragraph (4), a body corporate which is a subsidiary or holding company of an institution such as is mentioned in sub-paragraph (c) or a subsidiary of the holding company of such an institution (“holding company” and “subsidiary” being construed in accordance with section 736 of the Companies Act 1985(4) or Article 4 of the Companies (Northern Ireland) Order 1986(5)).

(4) Paragraph (3)(d) applies subject to the conditions that the rules of any appropriate scheme established by such a body require that the resources of the scheme be invested with an institution such as is mentioned in paragraph (3)(c), and further provide that the rights arising from such investments, in so far as they are attributable to the contributions made by or on behalf of a member, shall be held by that body on trust for that member.

(1)

Subsection (4) was substituted by regulation 4 of S.I. 1994/1984

(2)

S.I. 1988/1196

(3)

1987 c. 22

(4)

1985 c. 6; section 736 was substituted by section 144(1) of the Companies Act 1989 (c. 40)

(5)

S.I. 1986/1032 (N.I. 6); Article 4 was substituted by Article 62(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))