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.