Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996
7.—(1) The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996(1) shall have effect with the following amendments.
(2) In regulation 2(1) (general interpretation) in the definition of “relevant self-administered scheme”–
(a)in paragraph (b)–
(i)for “satisfies paragraph (b)” substitute “satisfies paragraphs (b) and (c)”;
(ii)after “Taxes Act” insert “, or”;
(b)after paragraph (b) insert–
“(c)a scheme which satisfies paragraphs (b) and (c) of that definition and, if it satisfied paragraph (a) of that definition, would be a scheme which the Commissioners of Inland Revenue would not have been prohibited from approving under section 591 of the Taxes Act before 7th April 1998(2);”.
(3) In regulation 10(2)(a) (time limits for making alternative arrangements under section 17) for “the alternative arrangements are approved” substitute “the employer gives notice to the trustees under regulation 9(1)(b)(ii) in respect of the approval of the arrangements”.
(4) In regulation 16(2)(a) (time limits for making alternative arrangements under section 19) for “the alternative arrangements are approved” substitute “the employer gives notice to the company under regulation 15(1)(b)(ii) in respect of the approval of the arrangements”.
(5) In Schedule 3 (Modifications of Pensions Act 1995 and these Regulations)–
(a)in paragraph 2(4) for “regulation 10(2)(b)(i)” substitute “regulation 10(2)(a) and (b)(i)”;
(b)in paragraph 3(4) for “regulation 16(2)(b)(i)” substitute “regulation 16(2)(a) and (b)(i)”.
7th April 1998 is the date of commencement of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 1998, S.I. 1998/728, which amended S.I. 1991/1614, and of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Excepted Provisions) Regulations 1998, S.I. 1998/729.