The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996 E+W+S

13.—(1) The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996 M1 shall have effect with the following amendments.

(2) In regulation 1(2)—

(a) in the definition of “ear-marked scheme" for the words “which is a money purchase scheme under which all the benefits" substitute the words “ under which all the benefits other than death benefits are money purchase benefits and all the benefits ”; and

(b) for the definition of “money purchase scheme" substitute—

““money purchase benefits" has the same meaning as in section 181(1) of the Pension Schemes Act 1993;”.

(3) The existing provision in regulation 4 shall become paragraph (1) of that regulation and at the end there shall be inserted—

“(2) Where there is no schedule of contributions or payment schedule in relation to the whole or part of the scheme year, the auditor’s statement about contributions shall contain—

(a) a statement as to whether or not in his opinion contributions payable to the scheme during that year or that part have been paid in accordance with the scheme rules or contracts under which they were payable, and (where appropriate) with the recommendation of the actuary; and

(b) if the statement under paragraph (a) is negative or qualified, a statement of the reasons.”.

(4) In paragraph 2 of the Schedule—

(a) in sub-paragraph (1)(b) for the word “schemes" substitute the word “ scheme ”; and

(b) after sub-paragraph (2) insert—

“(3) Where the assets—

(a) are invested only for the purposes of securing additional money purchase benefits derived from voluntary contributions to which section 111 of the Pension Schemes Act 1993 applies; and

(b) are specifically allocated to the provision of additional benefits for particular members or other persons in respect of particular members (or both),

a note that paragraphs (a) and (b) apply must be included in the statement, but that entry need not include the market value or an estimate of value of those assets.”.

(5) In paragraph 6 of the Schedule after the word “trustees" insert the words “ or managers ”.

Marginal Citations

M1 S.I. 1996/1975.