Amendment of the Stakeholder Pension Schemes Regulations
8.—(1) The Stakeholder Pension Schemes Regulations (Northern Ireland) 2000(1) are amended in accordance with paragraphs (2) to (4).
(2) In regulation 2 (manner of establishment) for paragraphs (2)(2) and (3) substitute—
“(2) The manager of the scheme must be a person who is mentioned in section 154(1)(b) of the Finance Act 2004(3) (persons by whom registered pension scheme may be established).”.
(3) In regulation 14(5)(4) (charges etc. – permitted reductions in members’ rights)—
(a)at the end of sub-paragraph (f) add “and”;
(b)at the end of sub-paragraph (g) omit “and”.
(4) In regulation 24(5) (payroll deduction of contributions)—
(a)in paragraphs (1) and (2)(b) omit “make or”;
(b)in paragraph (2) for “make, vary or cease”, in each place where it occurs, substitute “vary”;
(c)in paragraphs (2)(c)(i) and (2B)(d)(i) omit “if that further request is made within 6 months of the employee requesting that the deductions cease”;
(d)in paragraphs (2)(c)(ii) and (2B)(d)(ii) after “the employee may” insert “be able to”.
(e)in paragraph (3)—
(i)at the end of sub-paragraph (a)(ii) omit “and”;
(ii)omit sub-paragraph (b);
(f)omit paragraph (4);
(g)after paragraph (5) insert—
“(5A) Where an employer has withdrawn his designation of a stakeholder pension scheme that has been designated by him for the purposes of Article 5(2)(6) for reasons beyond his control, the employer must immediately cease deducting contributions from the employee’s remuneration and notify the employee in writing as soon as is practicable that designation of that scheme has been withdrawn and deduction of contributions has ceased.
(5B) Where an employer—
(a)is notified that a stakeholder pension scheme that has been designated by the employer for the purposes of Article 5(2) has commenced winding up, or
(b)withdraws designation of a stakeholder pension scheme that has been designated by the employer for the purposes of Article 5(2) for reasons beyond the employer’s control,
the employer need not comply with the requirement in Article 5(5)(7).”;
(h)in paragraph (6) for “(2), (2B) and (3)” substitute “(2) and (2B)”;
(i)in paragraph (7) omit “and in regulation 25”.
S.R. 2000 No. 262; relevant amending Regulations are S.R. 2001 Nos. 13 and 119
Paragraphs (2) and (3) were substituted for paragraph (2) by regulation 2 of S.R. 2001 No. 13
2004 c. 12; section 154(1) was substituted by paragraph 2(2) of Schedule 20 to the Finance Act 2007 (c. 11)
Regulation 14 was substituted by regulation 2(9) of S.R. 2005 No. 110 and amended by regulation 9 of S.R. 2007 No. 185
Regulation 24 was amended by regulation 16 of S.R. 2001 No. 119
Article 5(2) was omitted by section 69(5) of the Pensions (No. 2) Act (Northern Ireland) 2008
Article 5(5) was amended by section 69(6) of the Pensions (No. 2) Act (Northern Ireland) 2008