The Stakeholder Pension Schemes (Amendment No. 2) Regulations 2002

Amendment of Regulation 11

3.—(1) Regulation 11(1) (requirement for manager of schemes not established under trust to appoint a reporting accountant) shall be amended in accordance with this regulation.

(2) For paragraph (4) there shall be substituted the following paragraph—

“(4) A person is eligible for appointment as the reporting accountant only if he is eligible (but subject to paragraph (10)) under section 25 of the Companies Act 1989(2) for appointment as a company auditor.”.

(3) In paragraph (6) for “within one month of his receiving” there shall be substituted “by the end of one month beginning with the date he received”.

(4) In paragraph (7) there shall be omitted the phrase “(including where he resigns solely or partly because he is required to do so by paragraph (7A))”(3).

(5) In paragraph (7A)(4)—

(a) for “paragraph (11) or of not satisfying the conditions” substitute “not or no longer being a person defined in paragraph (11) who satisfies the condition”;

(b) for sub-paragraph (c) there shall be substituted the following sub-paragraph—

“(c) he shall resign (with immediate effect) by notice in writing immediately he becomes aware that he is ineligible;”;

(c) in sub-paragraph (e) there shall be omitted the phrases—

(i) “notwithstanding sub-paragraph (c),”;

(ii) “are or”; and

(iii) “, or should reasonably be or become aware,”.

(6) For paragraphs (8) and (9)(5) there shall be substituted the following paragraphs—

“(8) Except in cases falling within paragraph (9), where the reporting accountant is removed by the trustees or manager or resigns or dies, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—

(a) as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with; and

(b) in any event, by the end of 3 months beginning with the date of that removal, resignation or death.

(9) Where under paragraph (7A) the reporting accountant resigns with immediate effect or is removed, the trustees or manager shall appoint, in accordance with this regulation, another reporting accountant—

(a) as soon as is required in order to ensure that the provisions of regulation 12(2)(b) and (8) are complied with; and

(b) in any event, by the end of one month beginning with the date of that resignation or removal.”.

(7) In paragraph (10) for “paragraph (4)(c)” there shall be substituted “paragraph (4)”.

(1)

Regulation 11 was amended by S.I. 2001/934.

(2)

1989 c. 40.

(3)

That phrase was inserted by S.I. 2001/934.

(4)

Paragraph (7A) was inserted by S.I. 2001/934.

(5)

Paragraphs (8) and (9) were inserted by S.I. 2001/934.