SCHEDULES
SCHEDULE 12Minor and consequential amendments
Welfare Reform and Pensions Act 1999 (c. 30)
I471
The Welfare Reform and Pensions Act 1999 is amended as follows.
72
In section 1 (stakeholder pension schemes), in subsection (6), after “members etc)” insert “
and of regulations under section 237 of the Pensions Act 2004 (combined pension forecasts)
”
.
I273
In section 2 (registration of stakeholder pension schemes)—
a
in subsection (1) for “Occupational Pensions Regulatory Authority (“the Authority”)” substitute “
Authority
”
,
b
in subsection (3) after “may” insert “
by direction
”
, and
c
in subsection (4) for the words from “Section 3” to “Act applies” substitute “
Section 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
”
.
74
In section 8(2)(a)
(providing for stakeholder pension schemes to be treated as personal pension schemes), after “is” insert “
prescribed or is
”
.
75
In section 38 (treatment in winding up)—
a
in subsection (2), for “section 56 of the Pensions Act 1995” substitute “
this section
”
, and
b
after that subsection insert—
2A
This section applies to an occupational pension scheme other than—
a
a money purchase scheme, or
b
a prescribed scheme or a scheme of a prescribed description.
76
1
Paragraph 1 of Schedule 1 (application of enactments relating to occupational schemes to certain stakeholder schemes) is amended as follows.
2
In sub-paragraph (2), in paragraph (b)—
I1a
in sub-paragraph (i) for the words from “except” to the end substitute “except sections 7(5A)(b), 8(1)(a) and (c) and (2), 11(3A) and (3B) and 15(1),
b
in sub-paragraph (ii) for “31” substitute “
30
”
,
c
in sub-paragraph (iii) omit the words from “except” to the end,
d
for sub-paragraph (v) substitute—
v
section 47 (professional advisers);
e
in sub-paragraph (vii) for “section 50” substitute “
sections 50 to 50B
”
.
I53
After that paragraph insert
; and
c
the following provisions of the Pensions Act 2004—
i
section 67 (accessibility of register of prohibited trustees);
ii
Chapters 4 and 5 of Part 2 (fraud compensation and information gathering);
iii
sections 247 to 249 (requirements for knowledge and understanding); and
iv
section 318 (interpretation).
I14
In sub-paragraph (5), after “1995 Act” insert “
, and section 318(1) of the Pensions Act 2004,
”
.
5
After sub-paragraph (5) insert—
6
Chapters 4 and 5 of Part 2 of the Pensions Act 2004 (as applied by sub-paragraph (1)) shall have effect with such modifications as the Secretary of State may prescribe by regulations.
77
I31
Schedule 5 (pension credits: mode of discharge) is amended as follows.
2
In paragraph 8(1)(b), for the words from “section 56” to “related schemes)” substitute “
Part 3 of the Pensions Act 2004 (scheme funding)
”
.
I33
After paragraph 13 insert—
13A
The provisions of this Schedule are subject to—
a
section 73A(3) and (6) of the Pensions Act 1995 (prohibition on new members during winding up of scheme: exception for discharge of pension credit derived from the scheme), and
b
section 133(2) and (8) of the Pensions Act 2004 (prohibition on new members during an assessment period in relation to a scheme: exception for discharge of pension credit derived from the scheme).