PART 3

CHAPTER 1GOVERNANCE OF RELEVANT SCHEMES

Definition of “relevant scheme”14

The Administration Regulations are amended as follows—

a

in regulation 1(2) (interpretation) M1, after the definition of “relevant benefits”, insert—

relevant scheme” means an occupational pension scheme which provides money purchase benefits M2 other than—

  1. a

    an executive pension scheme;

  2. b

    a relevant small scheme;

  3. c

    a scheme that does not fall within paragraph 1 of Schedule 1 (description of schemes) to the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 M3;

  4. d

    a public service pension scheme M4 which—

    1. i

      falls within regulation 4(2) of those Regulations (limitations on application to certain public service pension schemes); or

    2. ii

      does not fall within regulation 4(2) of those Regulations but is a public service pension scheme within the meaning of the 2004 Act M5; or

  5. e

    a scheme which provides no money purchase benefits other than benefits which are attributable to additional voluntary contributions;

b

after regulation 1(2ZA) M6 insert—

2ZB

For the purposes of the definition of “relevant scheme”—

executive pension scheme

a

in relation to which a company is the only employer and the sole trustee; and

b

the members of which are either current or former directors of the company and include at least one third of the current directors;

relevant small scheme

a

all the members are trustees of the scheme and either—

i

the provisions of the scheme provide that any decision made by the trustees is made by the unanimous agreement of the trustees who are members of the scheme; or

ii

the scheme has a trustee who is independent in relation to the scheme for the purposes of section 23 of the 1995 Act (power to appoint independent trustees), and is registered in the register maintained by the Authority (as defined in that Act) in accordance with regulations made under subsection (4) of that section; or

b

all the members are directors of a company which is the sole trustee of the scheme and either—

i

the provisions of the scheme provide that any decision made by the company in its capacity as a trustee is made by the unanimous agreement of the directors who are members of the scheme; or

ii

one of the directors of the company is independent in relation to the scheme for the purposes of section 23 of the 1995 Act and is registered in the register maintained by the Authority (as defined in that Act) in accordance with regulations maintained under subsection (4) of that that section.