The Personal Pension Schemes (Advertisements) Regulations 1990

Citation, commencement and interpretation E+W+S

1.—(1) These Regulations, may be cited as the Personal Pension Schemes (Advertisements) Regulations 1990 and shall come into force on 27th June 1990, except regulation 3 which shall come into force on 1st October 1990.

(2) In these Regulations

“Act” means the [F1 Pension Schemes Act 1993] M1 ;

“advertisement” includes every form of advertising, whether in a publication, by the display of notices, signs, labels or showcards, by means of circulars, catalogues, price lists or other documents, by an exhibition of pictures or photographic or cinematographic films, by way of sound broadcasting or television, by the distribution of recordings, or in any other manner; and references to the issue of an advertisement shall be construed accordingly.

“explicit charges” means those charges made by the Scheme if any, the nature and amount (whether fixed or variable) of which are ascertainable at the time application for membership is made;

“issue” in relation to an advertisement includes any form of issue or publication whether to the public at large or to individuals or groups of individuals or to any employees, but does not include the issuing or publishing of an advertisement to an agent or professional adviser of the issuer in their capacity as such.

“LAUTRO Rules” means the Lautro Rules 1988 M2 ;

“Off the page advertisement” means an advertisement which contains–

(a)

an offer by a deposit-based scheme or the provider thereof to admit to membership a person who responds to the advertisement; or

(b)

an invitation to a person to respond to the advertisement by making an offer to a deposit-based scheme or the provider thereof to become a member of that scheme;

“period” means the period from the date of issue of an advertisement to the date when a pension under the scheme is assumed to become payable for the purpose of a projection;

“projection” means an illustration of the amount of any future benefit payable under a deposit-based scheme, being benefit the amount of which is not ascertainable under the rules of the scheme when the calculation is made;

“relevant investment” means the investment into which contributions to be made to a deposit-based scheme by or on behalf of a prospective member will be made; and

“standard expenses” means any expenses of a scheme which are recoverable out of contributions made to the scheme by or on behalf of a member, the amount of which cannot be ascertained at the time of admission to membership.

Textual Amendments

F1 Words in reg. 1(2) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 23(2)

Marginal Citations

M1 1986 c. 50.

M2 Made by Lautro Limited from which copies may be obtained.