C1C2C3C4Part I Stakeholder pension schemes

Annotations:
Modifications etc. (not altering text)
C2

Pts. I-IV: power to modify conferred (6.4.2006) by Pensions Act 2004 (c. 35), ss. 321(1)(d), 322(1); S.I. 2006/560, art. 2(3), Sch. Pt. 3

C4

Pts. I-IV: power to modify conferred (26.11.2008) by Pensions Act 2008 (c. 30), ss. 146(2)(c), 149(2)

I12 Registration of stakeholder pension schemes.

1

The Occupational Pensions Regulatory Authority F1“ Authority ”, shall keep a register of stakeholder pension schemes.

2

Subject to subsection (3), the Authority shall register a pension scheme under this section if the trustees of the scheme, or any person or persons prescribed in relation to the scheme—

a

make an application for the purpose and pay such fee as the Authority may determine; and

b

declare that each of the following is fulfilled in relation to the scheme, namely—

i

the conditions set out in subsections (2) F4F6to (10)F6to (9) of section 1; and

ii

such other conditions as may be prescribed under subsection (1) of that section.

3

Where the Authority are satisfied on reasonable grounds that any of those conditions is not fulfilled in relation to a pension scheme, the Authority may F2“ by direction ”,—

a

refuse to register the scheme; or

b

where the scheme is registered under this section, remove it from the register.

4

F3Section 10 of the Pensions Act 1995 (“the 1995 Act”) (civil penalties) applies to any trustee of a pension scheme which is or has been registered under this section, and to any person prescribed in relation to such a scheme, if—

a

he fails to take all such steps as are reasonable to secure that each of those conditions is fulfilled in relation to the scheme or (as the case may be) while the scheme was so registered he failed to take all such steps as were reasonable to secure that each of those conditions was so fulfilled; or

b

where the scheme was registered on his application, any of those conditions was not fulfilled in relation to the scheme at the time of the application.

F55

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F56

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7

The Secretary of State may by regulations make provision—

a

for the register, or extracts from the register, or for copies of the register or of extracts from the register, to be open to inspection by, and

b

for copies of the register, or of extracts from it, to be supplied to,

such persons, in such manner, at such times, on payment of such fees, and subject to such other terms and conditions, as may be prescribed.