Amendment of the Principal Order2

1

The Principal Order is amended as follows.

2

In paragraph (1) of article 3 (interpretation)—

a

for the definition of “occupational pension scheme”, substitute—

  • “occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 19933 but with paragraph (b) of the definition omitted;

b

after the definition of “pension fund management contract” insert—

  • “personal pension scheme” means a scheme or arrangement which is not an occupational pension scheme or a stakeholder pension scheme and which is comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of people—

    1. a

      on retirement,

    2. b

      on having reached a particular age, or

    3. c

      on termination of service in an employment;

3

In the title of Chapter 11 of Part 2 (stakeholder pension schemes), omit “stakeholder”.

4

For article 52 (establishing etc. a stakeholder pension scheme), substitute—

Establishing etc. a pension scheme52

The following are specified kinds of activity—

a

establishing, operating or winding up a stakeholder pension scheme;

b

establishing, operating or winding up a personal pension scheme.

5

For article 82 (rights under a stakeholder pension scheme), substitute—

Rights under a pension scheme82

1

Rights under a stakeholder pension scheme.

2

Rights under a personal pension scheme.