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).