The Stakeholder Pension Schemes Regulations 2000

Requirement for manager of schemes not established under trust to appoint a reporting accountant E+W+S

11.—(1)  [F1 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) F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3 (3) There shall be appointed as reporting accountant for the scheme (“the reporting accountant”), by the trustees or manager of the scheme, a person who is eligible under paragraph (4) for such appointment.]

[F4 (4) A person is eligible for appointment as the reporting accountant only if he is eligible (but subject to paragraph (10)) under section 25 of the Companies Act 1989 for appointment as a company auditor.]

(5) The reporting accountant shall be appointed in writing and the notice of appointment shall specify—

(a) the date on which the appointment is due to take effect;

(b) to whom the reporting accountant is to report; and

(c) from whom the reporting accountant is to take instructions.

(6) The [F5 trustees or manager] shall procure from the reporting accountant [F6 by the end of one month beginning with the date he received] his notice of appointment a statement—

(a) acknowledging in writing his receipt of his notice of appointment; and

(b) confirming in writing that he will notify the [F5 trustees or manager] of any conflict of interest to which he is subject in relation to the scheme immediately he becomes aware of its existence.

(7) It shall be a condition of the appointment of the reporting accountant that he agrees, in the event of his resignation F7 ..., to serve on the [F5 trustees or manager] a written notice of resignation containing—

(a) a statement specifying any circumstances connected with the resignation which in his opinion significantly affect the interests of the members or prospective members of, or of beneficiaries under, the scheme, or

[F8 (b) a declaration that he knows of no such circumstances,]

[F9 (7A) Where the reporting accountant is or becomes ineligible, by virtue of [F10 not or no longer being a person defined in paragraph (11) who satisfies the condition] in paragraph (4), for his appointment as such—

(a) he shall not act as the reporting accountant (except if required to do so under paragraph (6), and except as required by his agreement under paragraph (7) and as required by sub-paragraphs (c) and (d));

(b) anything done for the purposes of these Regulations by him acting as such while ineligible in contravention of sub-paragraph (a) shall by the trustees or manager be taken for those purposes not to have been done;

[F11 (c) he shall resign (with immediate effect) by notice in writing immediately he becomes aware that he is ineligible;]

(d) he shall state in that notice—

(i) that he is resigning by reason of ineligibility; and

(ii) the ground on which he is or has become so ineligible;

(e) F12 ... if he is still in place when the trustees or manager F13 ... become awareF14 ... that he is or has become so ineligible, the trustees or manager shall remove him immediately.]

[F15 (8) Except in cases falling within paragraph (9), where the reporting accountant is removed by the trustees or manager or resigns or dies, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—

(a) as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with; and

(b) in any event, by the end of 3 months beginning with the date of that removal, resignation or death.]

[F15 [F16 (9) Where under paragraph (7A) the reporting accountant resigns with immediate effect or is removed, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—

(a) as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with; and

(b) in any event, by the end of one month beginning with the date of that resignation or removal.]

(10) For the purposes of [F17 paragraph (4)], a person is not eligible under section 25 of the 1989 Act for appointment as a company auditor if section 34 of that Act applies to him (individuals retaining only authorisation under section 13(1) of the Companies Act 1967).

(11) In this regulation references to a person are references to an individual, a body corporate or a partnership.]

Textual Amendments

F1 Word in reg. 11(1) substituted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(2)

F2 Reg. 11(2) omitted (5.4.2001) by virtue of The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(3)

F3 Reg. 11(3) substituted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(4)

F4 Reg. 11(4) substituted (9.9.2002) by The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(2)

F5 Words in reg. 11(6)-(8) substituted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(6)

F6 Words in reg. 11(6) substituted (9.9.2002) by The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(3)

F7 Words in reg. 11(7) omitted (9.9.2002) by virtue of The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(4)

F8 Reg. 11(7)(b) substituted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(7)(b)

F9 Reg. 11(7A) inserted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(8)

F10 Words in reg. 11(7A) substituted (9.9.2002) by The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(5)(a)

F11 Reg. 11(7A)(c) substituted (9.9.2002) by The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(5)(b)

F12 Words in reg. 11(7A)(e) omitted (9.9.2002) by virtue of The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(5)(c)(i)

F13 Words in reg. 11(7A)(e) omitted (9.9.2002) by virtue of The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(5)(c)(ii)

F14 Words in reg. 11(7A)(e) omitted (9.9.2002) by virtue of The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(5)(c)(iii)

F15 Reg. 11(8)(9) substituted (9.9.2002) by The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(6)

F16 Reg. 11(9)-(11) inserted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 7(10)

F17 Words in reg. 11(10) substituted (9.9.2002) by The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002 (S.I. 2002/2098), regs. 1(1), 3(10)