PART 9Automatic enrolment schemes
Further conditions applicable to automatic enrolment schemes
35.—(1) The conditions prescribed for the purposes of section 17(1)(c) (automatic enrolment schemes) are—
(a)that the scheme must be—
(i)an occupational pension scheme within section 18(a) or (b) (occupational pension schemes), or
(ii)a personal pension scheme where the operation of the scheme—
(aa)is regulated by a competent authority, and
(bb)is carried on by a person who is in relation to that activity authorised by a competent authority, and
(b)where the scheme is an occupational pension scheme within the meaning of section 18(b) or a personal pension scheme where the operation of the scheme is carried on in accordance with paragraph (1)(a)(ii) by a person authorised by a competent authority other than that of the United Kingdom, the regulatory requirements applicable must provide that—
(i)at least 70% of any money purchase benefits applicable to the jobholder will be designated for the purpose of providing that jobholder with an income for life, and
(ii)the benefits payable to the jobholder under the scheme are payable no earlier than they would be under pension rule 1 in section 165(1) of the Finance Act 2004(1) .
(2) For the purposes of this regulation “competent authority” has, as the case may be, the meaning given in—
(a)Article 4(4) of Directive 2006/48/EC of the European Parliament and of the Council relating to the taking up and pursuit of the business of credit institutions(2);
(b)Article 4(22) of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments(3);
(c)Article 1a(8) of Directive 85/611/EEC of the European Council on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities(4), or
(d)Article 1(n) of Directive 2002/83/EC of the European Parliament and of the Council concerning life assurance(5).
OJ L 177, 30.6.06, p1
OJ L 145, 30.4.04, p1
OJ L 375, 31.12.85, p3, as amended by Directive 2001/107/EC OJ L 41, 13.2.02, p20
OJ L 345, 19.12.02, p.1