Amendment of regulation 1813
1
Regulation 18 (disclosure of information to members) shall be amended as follows.
2
For paragraph (2) substitute—
2
Where a person is a member for all or part of a statement year relating to him, there shall be provided to him—
a
within 3 months of the end of that statement year; or
b
where he ceases during that statement year to be a member, during the period beginning with the time at which he so ceases and ending on and including the last day of the three-month period mentioned in sub-paragraph (a),
a statement which contains the information mentioned in paragraph (5), so far as that information relates to that statement year or, in cases falling within sub-paragraph (b), to the part of that statement year beginning with the first day of that statement year (whether or not that day is earlier than the day on which he becomes a member) and ending with the time at which he so ceases.
3
In paragraph (3)—
a
after ““statement year” means” insert “, in relation to a person,”; and
b
for “beginning on a date chosen” to the end substitute—
beginning—
a
in the case of a person who becomes a member after 6th April 2001, on a date chosen, in respect of that person, by the trustees or manager which falls—
i
on or before the day on which he becomes a member; but
ii
no earlier than 6th April 2001; and
b
in any other case, on 6th April 2001,
and, subject to paragraph (4), each subsequent period ending on and including the anniversary of the last day of the first statement year.
4
After paragraph (3) insert—
3A
The date to be chosen, in respect of a person, under paragraph (3)(a) must be chosen on or before the day on which that person becomes a member.
5
In paragraph (4)—
a
after “the trustees or manager may” insert “, in respect of any person,”;
b
after “the statement year” in each of the two places where it occurs insert “relating to that person”;
c
after “no other date has been chosen” insert “in respect of that person”; and
d
for ““statement year” shall mean” to the end substitute—
“statement year” shall mean, in relation to the person in respect of whom the new date is chosen, the period of 12 months ending on and including that new date (except that, in relation to the first statement year relating to that person, “statement year” shall mean, in relation to him, the period beginning with the day which is, by virtue of paragraph (3)(b) or of a choice under paragraph (3)(a), the first day of that first statement year and ending on and including that new date) and each subsequent period ending on and including the anniversary of that new date.
6
After paragraph (4) insert—
4A
For the purposes of paragraphs (3)(a) and (4) different dates may be chosen in respect of different persons.
7
In paragraph (5)—
a
after “The information to be provided under paragraph (2) is” insert “, subject to paragraph (5A)”;
b
for sub-paragraph (b) substitute—
b
the value of the member’s rights—
i
on the last day of the statement year, being an amount which is not less than the cash equivalent of those rights on that day; or
ii
where he ceases during the statement year to be a member, at the time immediately prior to the time at which he so ceases, being an amount which is not less than the cash equivalent of those rights at the time immediately prior to the time at which he so ceases,
as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act (calculation of cash equivalents)18;
c
in sub-paragraph (d) for “made by the member” substitute “made by or on behalf of, or made in respect of, the member (except contributions falling within sub-paragraph (e))”;
d
in sub-paragraph (e) after “on behalf of” insert “or in respect of”;
e
after sub-paragraph (q) omit “and”; and
f
after sub-paragraph (r) insert—
and
s
in relation to any reduction under any of paragraphs (2) to (4) of regulation 14—
i
the rate, expressed as an annual percentage rate, at which, and the period in relation to which, deductions giving rise to that reduction were made; or
ii
where such deductions were made in relation to different periods at different rates—
aa
each rate, expressed as an annual percentage rate, at which those deductions were made; and
bb
the period in relation to which they were made at that rate.
8
After paragraph (5) insert—
5A
The information mentioned in paragraph (5) does not include—
a
the amount of any reduction or deduction under any of paragraphs (2) to (4) of regulation 14;
b
the amount of any reduction under regulation 14(5)(c).
9
After paragraph (10) insert—
11
In this regulation “annual percentage rate” means the daily percentage rate at which deductions were made under regulation 14(2), (3) or (4) (being no greater than 1/365 per cent. of the value of the fund, share or rights in the with-profits fund respectively from which they were made) multiplied by 365.