3.—(1) The Scheme Administration Regulations are amended in accordance with this regulation.
(2) In regulation 1(2) (citation, commencement and interpretation) for the definition of “wholly insured scheme”(1) substitute—
““wholly insured scheme” means a trust scheme, other than a stakeholder pension scheme within the meaning of section 1 of the Welfare Reform and Pensions Act 1999, which has no investments other than specified insurance policies with specified insurers and for these purposes “investments” shall not include—
cash held on deposit by the trustees or managers pending payment to the insurer or to members of the scheme; or
cash held on deposit by the trustees or managers to meet accrued liabilities or administrative expenses; or
investments arising from voluntary contributions; and
in relation to a trust scheme which has policies of insurance with more than one insurer, a reference in this regulation to an insurer shall be to any of the insurers with which a policy of insurance is taken out..”.
(3) In regulation 3(1)(2) (exemptions from the professional advisers requirements)—
(a)for sub-paragraph (a) substitute—
“(a)a scheme which is—
(i)provided for, or by, or under an enactment (including a local Act);
(ii)guaranteed by a Minister of the Crown or other public authority.”;
(b)in sub-paragraph (h)(ii) for “;” substitute “; and”;
(c)after sub-paragraph (h)(ii), insert—
“(iii)there are fewer than 12 members;”;
(d)in sub-paragraph (hh) after “ear-marked schemes” insert “with fewer than 12 members;”;
(e)for sub-paragraph (m) substitute—
“(m)the AWE Pension Scheme established by a deed made on 29th March 1993;”;
(f)after sub-paragraph (m) insert the following head—
“(o)the Babcock Naval Services Pension Scheme, established by a deed made on 29th August 2002.”; and
(g)omit sub-paragraphs (b), (d), (g), (k), (l) and (n).
(4) In regulation 3(2)—
(a)for sub-paragraphs (b) and (c) substitute—
“(b)schemes mentioned in—
(i)paragraph (1)(a), (d) to (f), (j), (m) and (o); or
(ii)paragraph (1)(c) or (i) where these schemes have fewer than 100 members.”.
(5) In regulation 3(3)(c) and (4) for “paragraph (1)(a) to (g), (i) and (n)” in both places it occurs substitute “paragraph (1)(a) to (f) and (i)”.
(6) In regulation 5(11) (manner and terms of appointment and removal of professional advisers), and regulation 6(4) (duty to disclose information), for “regulation 3(1)(b) to (g) and (i)” substitute “regulation 3(1)(c) to (f) and (i)”.
(7) After regulation 12(2)(3) (requirement for trustees to keep books and records) add—
“(3) This regulation shall not apply in the case of a trust scheme which falls within the description referred to in—
(a)regulation 3(1)(f);
(b)regulation 3(1)(c) or (i) where any such scheme has fewer than 100 members; or
(c)to a scheme which is a Republic of Ireland scheme within the meaning of the Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations 2000(4).”.
(8) For regulation 13(2) (records of trustees' meetings) substitute—
“(2) This regulation shall not apply in the case of a trust scheme which falls within the descriptions referred to in—
(a)regulation 3(1)(f); or
(b)regulation 3(1)(c) or (i) where any such scheme has fewer than 100 members.”.
(9) In regulation 16A(2)(5) (time limits for giving notice to the Authority and to the member and circumstances in which such notice need not be given)—
(a)in sub-paragraph (b)(i) for “, or” substitute “.”; and
(b)omit sub-paragraph (b)(ii).
(10) For regulation 17 (exemption from requirement to secure a payment schedule) substitute—
17. For the purposes of section 87(1) of the 1995 Act (requirement for occupational pension schemes which are money purchase schemes to secure and maintain a payment schedule unless the scheme falls within a prescribed class or description) the prescribed class or description is a money purchase scheme which falls within the descriptions referred to in—
(a)regulation 3(1)(a), (d), (f), (h) or (hh); or
(b)regulation 3(1)(c) or (i) where any such scheme has fewer than 100 members.”.