The Stakeholder Pension Schemes (Amendment) Regulations (Northern Ireland) 2001

Statutory Rules of Northern Ireland

2001 No. 13

PENSIONS

The Stakeholder Pension Schemes (Amendment) Regulations (Northern Ireland) 2001

Made

19th January 2001

Coming into operation

14th February 2001

The Department for Social Development, in exercise of the powers conferred by Articles 3(2), (3) and (7) and 73(4) of the Welfare Reform and Pensions (Northern Ireland) Order 1999(1), and now vested in it(2), and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Citation, commencement and interpretation N.I.

1.—(1) These Regulations may be cited as the Stakeholder Pension Schemes (Amendment) Regulations (Northern Ireland) 2001 and shall come into operation on 14th February 2001.

(2) In these Regulations any reference to a numbered regulation is a reference to the regulation in the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000(3) bearing that number.

Commencement Information

I1 Reg. 1 in operation at 14.2.2001, see reg. 1(1)

Amendment of regulation 2 N.I.

F1 2.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Reg. 2 revoked (6.4.2013) by The Occupational and Stakeholder Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013 (S.R. 2013/72), regs. 1(1), 10(b)

Amendment of regulation 3 N.I.

3.—(1) Regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes) shall be amended in accordance with paragraphs (2) to (4).

(2) In paragraph (1) for “the acceptance of contributions, transfer payments and pension credits” there shall be substituted “the acceptance of credits within the meaning of Article 26 (pension sharing: creation of pension debits and credits), contributions and transfer payments”.

(3) After paragraph (5) there shall be inserted the following paragraph—

“(5A) Subject to paragraphs (10) and (11) and to regulation 17(1), except to the extent necessary to ensure that the scheme has tax-exemption or tax-approval, the scheme instruments must preclude membership of the scheme being restricted by reference to—

(a) financial status;

(b) the amount of contributions to be made to the scheme;

(c) the manner in which contributions may be made to the scheme.”.

(4) After paragraph (9) there shall be inserted the following paragraphs—

“(10) Paragraph (5A) shall not preclude membership being restricted by reference to—

(a) employment with a particular employer or in a particular trade or profession, or

(b) membership of a particular organisation.

(11) The scheme instruments may permit restrictions on payment of contributions by means of cash or a credit card.”.

Commencement Information

I2 Reg. 3 in operation at 14.2.2001, see reg. 1(1)

Amendment of regulation 4 N.I.

4.—(1) Regulation 4 (additional requirements as regards instruments establishing a stakeholder pension scheme established under a trust) shall be amended in accordance with paragraphs (2) and (3).

(2) Paragraphs (1) and (2) shall be omitted.

(3) In paragraph (3) for “The trust instruments” there shall be substituted “The instruments establishing a stakeholder pension scheme established under a trust (“the trust instruments”)”.

Commencement Information

I3 Reg. 4 in operation at 14.2.2001, see reg. 1(1)

Revocation of regulation 5 N.I.

5.  Regulation 5 (additional requirements as regards instruments establishing a stakeholder pension scheme not established under a trust) shall be omitted.

Commencement Information

I4 Reg. 5 in operation at 14.2.2001, see reg. 1(1)

Sealed with the Official Seal of the Department for Social Development on 19th January 2001.

L.S.

John O'Neill

Senior Officer of the

Department for Social Development

Explanatory Note

(This note is not part of the Regulations.)

These Regulations amend the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000 (“the principal Regulations”).

The principal Regulations are amended—

• to permit stakeholder schemes established otherwise than under a trust (“non-trust schemes”) to restrict membership of the scheme by reference to employment or to membership of a particular organisation. This brings non-trust schemes into line with schemes established under a trust (“trust schemes”) (regulation 3(4));

• to clarify, for both non-trust and trust schemes, that restrictions may be imposed on payment of contributions by cash or a credit card (regulation 3(4));

• to include the authorised corporate director of an open-ended investment company among the categories of person who may be the manager of a non-trust scheme (regulation 2), and

• to clarify the reference in regulation 3(1) of the principal Regulations to “pension credits” (regulation 3(2)).

The Regulations also make consequential amendments (regulation 3(3), 4 and 5).

(1)

S.I. 1999/3147 (N.I. 11)

(2)

See Article 8(b) of S.R. 1999 No. 481

(3)

S.R. 2000 No. 262