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- Point in Time (06/04/2015)
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Point in time view as at 06/04/2015.
There are currently no known outstanding effects for the The Stakeholder Pension Schemes Regulations 2000, Section 3.
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3.—(1) Subject to paragraph (2), [F1the scheme instruments] must prohibit [F2the acceptance of credits within the meaning of section 29 (pension sharing: creation of pension debits and credits), contributions and transfer payments] to the scheme before 6th April 2001.
(2) Paragraph (1) shall not apply to a scheme in respect of which an application for registration under section 2 (registration of stakeholder pension schemes) is first made on or after 6th April 2001.
(3) The scheme instruments must require that no member is required to make any choice as regards the investment under the scheme of any payment made to it by him or on his behalf, any amount credited to the member’s account in respect of a credit within the meaning of section 29 (pension sharing: creation of pension debits and credits), or any income or capital gain arising from the investment of such a payment or credit.
(4) The scheme instruments must, except to the extent permitted under regulations 13[F3, 14 or 14B], prohibit the use of—
(a)any payment made to the scheme by or on behalf of a member;
(b)any amount credited to a member’s account in respect of a credit within the meaning of section 29 (pension sharing: creation of pension debits and credits);
(c)any income or capital gain arising from the investment of such a payment or credit; or
(d)the value of his rights under the scheme,
in any way which does not result in the provision of benefits for or in respect of the member.
(5) The scheme instruments must require that—
(a)if the scheme ceases to be registered under section 2 the winding-up of the scheme be commenced on the date on which it is notified in writing by the F4... Authority that it is no longer so registered;
(b)if the trustees or manager fix a time for winding-up a scheme for any reason other than because the scheme ceases to be registered under section 2, the winding-up of the scheme be commenced at the earliest time fixed by the trustees or manager as the time from which steps for the purposes of winding-up are to be taken;
(c)within 2 weeks of the date of commencement of any winding-up, the trustees or manager notify in writing any employers whom they know to have designated the scheme for the purposes of section 3 (duty of employers to facilitate access to stakeholder pension schemes) of the fact of, and the reason for, the winding-up including, where the scheme has ceased to be registered under section 2, the reason for the cessation of registration;
(d)any contributions made to a scheme after the date of commencement of any winding-up must be repaid—
(i)to the member, to the extent of his contributions; and
(ii)as to any remainder, to his employer;
(e)subject to paragraphs (8) and (9) below, on any winding-up all rights under the scheme shall be discharged by the trustees or managers of the scheme within 12 months of the commencement of winding-up, or as soon thereafter as is practicable, by the making of transfer payments—
(i)to other stakeholder pension schemes, or schemes registered under Article 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 M1; or
(ii)in accordance with requests by one or more members or beneficiaries in respect of their rights, to the trustees or managers of pension schemes or pension arrangements which are not schemes mentioned in head (i) above,
in accordance with paragraphs (6) and (7) below and regulation 6 or, where regulation 7 applies, with regulation 7; and
(f)if the scheme fails to complete winding-up within 12 months of commencing winding-up proceedings, the trustees or manager notify the F5... Authority of that fact within one month of so failing to complete the winding-up.
[F6(5A) [F7Subject to paragraph (10) and to regulation 17(1) and (5),] except to the extent necessary to ensure that the scheme [F8maintains its tax-registration], the scheme instruments must preclude membership of the scheme being restricted by reference to—
(a)financial status;
(b)the amount of contributions to be made to the scheme;
(c)the manner in which contributions may be made to the scheme.]
[F9(5B) The scheme instruments must, except to the extent necessary to ensure that the scheme [F8maintains its tax-registration], permit as means of payment of contributions to the scheme payment from a bank account or building society account by—
(a)cheque;
(b)direct debit;
(c)standing order;
(d)direct credit (other than standing order),
and (for the avoidance of doubt) for the purposes of this paragraph, those means of payment do not include payment by cash, credit card or debit card (or by any combination thereof).]
(6) A transfer payment referred to in paragraph (5)(e) must be of an amount not less than the cash equivalent of the member’s rights under the scheme, as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act (calculation of cash equivalents) M2 on the date on which the payment is made.
F10(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) Paragraph (5)(e) does not apply to rights to which effect is given under the scheme by the payment of an annuity (not being a deferred annuity) or a lump sum either to the member or, on or after his death, to another person.
(9) For the purposes of paragraph (8), a deferred annuity is an annuity under the terms of which payment does not commence immediately but at a time in the future.
[F11(10) Paragraph (5A) shall not preclude membership being restricted by reference to—
(a)employment with a particular employer or in a particular trade or profession; or
(b)membership of a particular organisation.
(11) F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Words in reg. 3(1) substituted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 2(2)
F2Words in reg. 3(1) substituted (14.2.2001) by The Stakeholder Pension Schemes (Amendment) Regulations 2001 (S.I. 2001/104), regs. 1(1), 3(2)
F3Words in reg. 3(4) substituted (6.4.2005) by The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 7(2)
F4Words in reg. 3(5)(a) omitted (6.4.2009) by virtue of The Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009 (S.I. 2009/615), regs. 1(2), 16(2)
F5Words in reg. 3(5)(f) omitted (6.4.2009) by virtue of The Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009 (S.I. 2009/615), regs. 1(2), 16(2)
F6Reg. 3(5A) inserted (14.2.2001) by The Stakeholder Pension Schemes (Amendment) Regulations 2001 (S.I. 2001/104), regs. 1(1), 3(4)
F7Words in reg. 3(5A) substituted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 3(3)
F8Words in reg. 3(5A)(5B) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 20(3)
F9Reg. 3(5B) inserted (5.4.2001) by The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 3(4)
F10Reg. 3(7) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246), arts. 1(2)(a), 20(2)
F11Reg. 3(10)(11) inserted (14.2.2001) by The Stakeholder Pension Schemes (Amendment) Regulations 2001 (S.I. 2001/104), regs. 1(1), 3(4)
F12Reg. 3(11) omitted (5.4.2001) by virtue of The Stakeholder Pension Schemes (Amendment) (No.2) Regulations 2001 (S.I. 2001/934), regs. 1(1), 3(5)
Marginal Citations
M2Section 97 was amended by paragraph 4(a) to (c) of Schedule 6 to the Pensions Act 1995.
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