http://www.legislation.gov.uk/id/uksi/1996/1715

http://www.legislation.gov.uk/uksi/1996/1715/regulation/31

The Occupational Pension Schemes (Scheme Administration) Regulations 1996

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PENSIONS

2024-05-16

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2023-04-06

The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (“the Regulations”) are the first regulations to be made in respect of the administration of occupational pension schemes under the Pensions Act 1995 (“the Act”).The Regulations are made before the end of the period of six months beginning with the coming into force of the provisions of Part I of the Act by virtue of which they are made and therefore the requirement to consult does not apply.Part I of the Regulations relates to citation, commencement and interpretation.Part II makes provision relating to the appointment of professional advisers (regulations 2 and 3); qualification and experience of the auditor or actuary (regulation 4); manner and terms of appointment and removal (regulation 5); duty to disclose information (regulation 6).Part III makes provision relating to the ineligibility to act as actuary or auditor and the meaning of trustee (regulations 7 and 8); manner and time of notice of occasion and circumstances in which no notice is required (regulations 9 and 10); exemption from the requirement for money to be kept by trustees (regulation 11); requirement to keep records and books and form of those records (regulations 12 and 13); period for which books and records must be kept (regulation 14); requirement of employers to make payments into separate accounts and time in which employers must make payments to trustees or managers (regulations 15 and 16).Part IV makes provision requiring money purchase occupational pension schemes to show amounts in a payment schedule and the requirements which a payment schedule must satisfy (regulations 18 and 19); exemptions from the requirement to secure a payment schedule (regulation 17); period within which notice where amounts payable have not been paid and circumstances where notice need not be given (regulations 20 and 21).An assessment of the compliance cost for employers of the measures arising from the Pensions Act 1995, including regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, Private Pensions, 11th Floor, Adelphi, 1-11 John Adam Street, London WC2N 6HT.

F1PART 6Governance of relevant trust schemes

Annotations:

Amendments (Textual)

Pt. 6 inserted (1.10.2022) by The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 (S.I. 2022/825), regs. 1(2), 2(2)

CHAPTER 1Introductory

General interpretation31

1

In this Part—

“the 2019 Order” means the Investment Consultancy and Fiduciary Management Market Investigation Order 2019;
“actuarial valuation” has the meaning that it has for the purposes of Part 3 of the 2004 Act (see section 224 of that Act);
“the commencement date” means the day on which the Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 come into force;
“company” has the meaning given in section 1 of the Companies Act 2006;
“existing IC provider” has the meaning given in regulation 34(5);
“fund manager” has the meaning given in section 124 of the 1995 Act;
“IC provider” has the meaning given in regulation 34(2);
“relevant trust scheme” has the meaning given in regulation 30(2);
“statement of investment principles” has the meaning given in section 35 of the 1995 Act;
“the statutory funding objective” has the meaning given for the purposes of Part 3 of the 2004 Act (see section 222 of that Act);
“trustee owned company” has the meaning given in paragraph (2).

2

“Trustee owned company”, in relation to a relevant trust scheme (“scheme 1”), means—

a

a company limited by shares in which—

i

a scheme 1 person holds voting shares, and

ii

no one other than a relevant person also holds shares, or

b

a company limited by guarantee of which—

i

a scheme 1 person is a member, and

iii

no one other than a relevant person is also a member.

3

For the purposes of paragraph (2)—

“relevant person” means—
1. a
  a trustee of any occupational pension scheme, or
2. b
  any company which is itself a trustee owned company;
“scheme 1 person” means—
1. a
  a trustee of scheme 1, or
2. b
  a company which is itself a trustee owned company in relation to scheme 1;
“voting shares” means shares which carry rights to vote at general meetings of the company in question.

4

For the purposes of this Part, a person (“A”) is connected to another person (“B”) if A is a group undertaking in relation to B (within the meaning of section 1161(5) of the Companies Act 2006).

5

For the purposes of this Part, a reference to the appointment of a person in any capacity includes a reference to—

a

the reappointment of that person, and

b

the extension of that person’s term of appointment.

6

For the purposes of this Part, it does not matter whether any advice is given—

a

for the purposes of section 36 of the 1995 Act (choosing investments) or otherwise, or

b

in a recommendation or in guidance or otherwise.