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).