11.—(1) The Occupational Pension Schemes (Scheme Administration) Regulations 1996 M1 shall have effect with the following amendments.
(2) In regulation 1(2)—
(a)for the definition of “money purchase scheme" substitute—
““money purchase benefits" has the same meaning as in section 181(1) of the Pension Schemes Act 1993;
“money purchase scheme" means a pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits;”; and
(b)after the definition of “relevant benefits" insert—
““relevant ear-marked scheme" means an occupational pension scheme—
(a)which is a money purchase scheme;
(b)under which all the benefits are secured by one or more contracts of insurance or annuity contracts specifically allocated to the provision of benefits to or in respect of individual members;
(c)all the members of which are trustees; and
(d)under the provisions of which decisions to be made by the trustees must be unanimous or unanimous if any trustees who are not members are disregarded;”.
(3) In regulation 3 (exemptions from the professional advisers requirements)—
(a)in sub-paragraph (h) of paragraph (1) for the words “occupational money purchase small self-administered schemes" substitute the words “ money purchase schemes which are small self-administered schemes and ”; and
(b)after that sub-paragraph insert—
“(hh)relevant ear-marked schemes”.
(4) In regulation 16 (prescribed time in which employer must pay trustees or managers an amount deducted from earnings) for the words “is 14 days" substitute the words—
“(a)in the case of minimum payments which are to be made in accordance with regulation 32(1) of the Occupational Pension Schemes (Contracting-out) Regulations 1996, is the period mentioned in that regulation, and
(b)otherwise, is 19 days”.
(5) In regulation 17 (exemption from requirement to secure a payment schedule) for the word “(h)" substitute the word “ (i) ”.
Marginal Citations