10D.—(1) For the purposes of section 1(1)(b) it shall be a condition of a scheme being a stakeholder pension scheme that the requirements of this regulation are complied with.
(2) The trustees or manager of the scheme shall notify the Pensions Regulator of any resolution of the kind specified in regulation 10B(1) by 4th July 2005, and of any resolution of the kind specified in regulation 10B(2) within three months after the date of the resolution.
(3) If regulation 10A applies to the scheme, the trustees or manager shall notify every member of the scheme—
(a)who became a member before 6th April 2005;
(b)who has made no choice as regards any investment made under the scheme on his behalf, and
(c)whose rights are not already subject to lifestyling,
in accordance with paragraph (4).
(4) The notification provided for in paragraph (3) must—
(a)inform the member—
(i)of the purpose of lifestyling, and the manner in which it is provided for under the scheme;
(ii)of the potential advantages and disadvantages to the member of applying lifestyling to his rights, and
(iii)that his rights will be made subject to lifestyling if he so requests, and
(b)be given before 6th April 2007, or, in a case where regulation 10A applies to the scheme by virtue of a resolution under regulation 10B(2), within two years of the date of that resolution.
(5) If, by virtue of a resolution of the kind specified in regulation 10B(1), regulation 10A does not apply to the scheme, the trustees or manager shall notify every member of the scheme who has made no choice as regards any investment made under the scheme on his behalf in accordance with paragraph (6).
(6) The notification provided for in paragraph (5) must—
(a)inform the member—
(i)of the purpose of lifestyling, and the fact that it is not provided for under the scheme, and
(ii)that, if he so requests, his rights under the scheme can be transferred to another stakeholder pension scheme of his choice under which lifestying is provided for, and
(b)be given before 6th April 2007.
(7) At least four months, but no more than two years, before applying lifestyling to the rights of a member whose rights are subject to lifestyling (or, where this is not reasonably practicable, as soon before applying lifestyling as is reasonably practicable), the trustees or manager shall notify the member of the fact that his rights are subject to lifestyling and of the date from which lifestyling will be applied.]
Textual Amendments
F1Reg. 10A –10E inserted (6.4.2005) by The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 5