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The Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1997

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Cancellation of membership of interest-bearing account-funded appropriate schemes

18.—(1) A personal pension scheme which comprises an arrangement of the kind described in regulation 2(2)(c) can be an appropriate scheme only if it satisfies the requirements of paragraph (2).

(2) Without prejudice to any right of a member of the scheme, under section 156(1) or other rules of the scheme, the rules of the scheme shall include provision—

(a)that, within 7 days of the day on which a person becomes a member of the scheme, he shall be served, personally or by ordinary post, with a notice in writing containing the information specified in Schedule 2 and a form of counter-notice; and

(b)that, if the person signs the form of counter-notice or another document to the same effect and serves it—

(i)by ordinary post or otherwise,

(ii)not later than the fourteenth day after the notice referred to in sub-paragraph (a) is served on him,

(iii)on the person nominated, in that notice, to accept service of it,

his membership of the scheme shall be cancelled and the contributions (if any) paid to the scheme by him or for him shall be returned, as soon as reasonably practicable, to the person who paid them.

(3) Where a counter-notice of the kind mentioned in paragraph (2)(b) is properly addressed, pre-paid and served by ordinary post, it shall be deemed to have been duly served on the day on which it was posted.

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