Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 1996

10.—(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.”.

Marginal Citations

M1 S.I. 1996/1715, to which there are amendments not relevant to these Regulations.

M2 1987 c.22; paragraph 6 was amended by section 120(2) of, and Part I of Schedule 22 to, the Friendly Societies Act 1992 (c.40).