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

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).