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There are currently no known outstanding effects for the The Occupational Pension Schemes (Scheme Administration) Regulations 1996, Section 11.
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11.—(1) For the purposes of section 49(1) of the 1995 Act (trustees of any trust scheme must, except in any prescribed circumstances, keep money received in a separate account [F1with a deposit-taker]) the prescribed circumstances are—
(a)where the trustees have entered into an arrangement or contract with a person to the effect that the money is to be paid into a [F2an] account held by that person; [F3and separate from one held by or on behalf of the employer as employer] and
(i)it is a condition of that arrangement or contract that a record by that person shall be kept of the information referred to in paragraph (2) and such records should be retained for a period of at least 6 years; and
(ii)any interest earned on the account shall be credited to the scheme in respect of which the money is deposited;
(b)where the trustees have [F4an account.
[F5(i)kept by them with any of the persons specified in paragraph (3);]
(ii)separate from one held by or on behalf of the employer as employer; and
(iii)in which the money received by them is to be held.]
(2) The information referred to in paragraph (1)(a)(i) is the—
(a)amount of money paid into the account, the date of payment and from whom it was received;
(b)amount of money paid out of the account, the date of withdrawal and to whom payment was made; and
(c)interest earned on the account of each scheme in respect of which money is deposited.
[F6(3) The persons referred to in paragraph (1)(b)(i) are—
(a) the Bank of England F7...;
(b)the National Savings Bank; or
(c)a municipal bank.
(4) In paragraph (3)—
F8(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)“municipal bank” means a company within the meaning of the Companies Act 1985—
(i)in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 1979 or section 103(3) of the Banking Act 1987; and
(ii)is exempt from the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 in relation to the acceptance of deposits;
(c)the definition of “municipal bank” above must be read with—
(i)section 22 of the Financial Services and Markets Act 2000,
(ii)any relevant order under that section, and
(iii)Schedule 2 to that Act.]
Textual Amendments
F1Words in reg. 11(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 530(2), reg. 1
F2Word in reg. 11(1)(a) substituted (30.12.1999) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1999 (S.I. 1999/3198), regs. 1(1), 10(3)(a)(i)
F3Words in reg. 11(1)(a) inserted (30.12.1999) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1999 (S.I. 1999/3198), regs. 1(1), 10(3)(a)(ii)
F4Words in reg. 11(1)(b) substituted (30.12.1999) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1999 (S.I. 1999/3198), regs. 1(1), 10(3)(b)
F5Reg. 11(1)(b)(i) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 530(3), reg. 1
F6Reg. 11(3) - Reg. 11(4) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 530(4), reg. 1
F7Words in reg. 11(3)(a) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 10(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F8Reg. 11(4)(a) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 10(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
Modifications etc. (not altering text)
C1Regs. 7-11 applied (1.10.2000) by The Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403), regs. 1(2), 32, Sch. 2
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