Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 199610

1

The Occupational Pension Schemes (Scheme Administration) Regulations 1996 M1 shall have effect with the following amendments.

2

For regulation 5(10) (manner and terms of appointment and removal of professional advisers) substitute–

10

Where a statement or declaration is made in accordance with paragraph (4) or (7), the trustees or managers shall–

a

furnish the remaining auditor or actuary to the scheme with a copy of the statement or declaration no later than 14 days after the trustees or managers receive it; and

b

furnish the succeeding auditor or actuary with a copy of the statement or declaration–

i

no later than 14 days after the date on which the trustees or managers receive it; or

ii

no later than the date of the succeeding auditor’s or actuary’s appointment, whichever is the later.

3

In regulation 11 (exemption from the requirement for money to be kept by the trustees)–

a

in paragraph (1)(a)–

i

for “a separate" substitute “an";

ii

after “that person" insert “and separate from one held by or on behalf of the employer as employer";

b

in paragraph (1)(b) for “a separate account" to the end substitute–

an account–

i

kept by them at any of the institutions specified in paragraphs 1 to 6 of Schedule 2 to the Banking Act 1987 M2;

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.

4

In regulation 19(1) (requirements which a payment schedule must satisfy) in sub-paragraph (a)–

a

after “amounts" insert “prescribed in regulation 18";

b

after “year;" insert “and".

5

In regulation 21 (circumstances where notice of non-payment of any amount payable to a scheme need not be given) insert the following paragraph–

3

Notice need not be given under regulation 20(a) if–

a

payment has been made no later than 10 days after the due date; and

b

the default is only the first or second such default in the period of 12 months ending on and including the due date.