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The Stakeholder Pension Schemes (Amendment No. 2) Regulations (Northern Ireland) 2002

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Amendment of regulation 11

3.—(1) Regulation 11(1) (requirement for manager of schemes not established under a trust to appoint a reporting accountant) shall be amended in accordance with paragraphs (2) to (6).

(2) For paragraph (4) there shall be substituted the following paragraph –

(4) A person is eligible for appointment as the reporting accountant only if he is eligible under Article 28 of the Companies (Northern Ireland) Order 1990 (eligibility for appointment)(2) for appointment as a company auditor..

(3) In paragraph (6) for “within one month of his receiving” there shall be substituted “by the end of one month beginning with the date he received”.

(4) In paragraph (7) the words “(including where he resigns solely or partly because he is required to do so by paragraph (7A))” shall be omitted.

(5) In paragraph (7A)(3) –

(a)for “not satisfying the conditions” there shall be substituted “not or no longer being a person who satisfies the condition”;

(b)for sub-paragraph (c) there shall be substituted the following sub-paragraph –

(c)he shall resign (with immediate effect) by notice in writing immediately he becomes aware that he is ineligible;;

(c)in sub-paragraph (e) the words –

(i)“notwithstanding sub-paragraph (c),”;

(ii)“are or”, and

(iii)“, or should reasonably be or become aware,”,

shall be omitted.

(6) For paragraphs (8) and (9)(4) there shall be substituted the following paragraphs –

(8) Except in cases falling within paragraph (9), where the reporting accountant is removed by the trustees or manager or resigns or dies, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant –

(a)as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with, and

(b)in any event, by the end of 3 months beginning with the date of that removal, resignation or death.

(9) Where under paragraph (7A) the reporting accountant resigns with immediate effect or is removed, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant –

(a)as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with, and

(b)in any event, by the end of one month beginning with the date of that resignation or removal..

(1)

Regulation 11 was amended by regulation 7 of S.R. 2001 No. 119

(3)

Paragraph (7A) was inserted by regulation 7(8) of S.R. 2001 No. 119

(4)

Paragraph (9) was inserted by regulation 7(10) of S.R. 2001 No. 119

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