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PART IIIE+W+S TRUSTEES

CHAPTER IIIE+W+S RECEIPTS, PAYMENTS AND RECORDS

Exemption from the requirement for money to be kept by the trusteesE+W+S

11.—(1) For the purposes of section 49(1) of the 1995 Act (trustees of any trust scheme must, except in any prescribed circumstances, keep money received in a separate account [F1with a deposit-taker]) the prescribed circumstances are—

(a)where the trustees have entered into an arrangement or contract with a person to the effect that the money is to be paid into a [F2an] account held by that person; [F3and separate from one held by or on behalf of the employer as employer] and

(i)it is a condition of that arrangement or contract that a record by that person shall be kept of the information referred to in paragraph (2) and such records should be retained for a period of at least 6 years; and

(ii)any interest earned on the account shall be credited to the scheme in respect of which the money is deposited;

(b)where the trustees have [F4an account.

[F5(i)kept by them with any of the persons specified in paragraph (3);]

(ii)separate from one held by or on behalf of the employer as employer; and

(iii)in which the money received by them is to be held.]

(2) The information referred to in paragraph (1)(a)(i) is the—

(a)amount of money paid into the account, the date of payment and from whom it was received;

(b)amount of money paid out of the account, the date of withdrawal and to whom payment was made; and

(c)interest earned on the account of each scheme in respect of which money is deposited.

[F6(3) The persons referred to in paragraph (1)(b)(i) are—

(a) the Bank of England F7...;

(b)the National Savings Bank; or

(c)a municipal bank.

(4) In paragraph (3)—

F8(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)“municipal bank” means a company within the meaning of the Companies Act 1985—

(i)in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 1979 or section 103(3) of the Banking Act 1987; and

(ii)is exempt from the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 in relation to the acceptance of deposits;

(c)the definition of “municipal bank” above must be read with—

(i)section 22 of the Financial Services and Markets Act 2000,

(ii)any relevant order under that section, and

(iii)Schedule 2 to that Act.]

Textual Amendments

Modifications etc. (not altering text)