72.—(1) If the requirements of paragraph (2) are met, the financial promotion restriction does not apply to any communication which is made by an employer to an employee in relation to a group personal pension scheme or a stakeholder pension scheme.
(2) The requirements of this paragraph are that—
(a)the employer will make a contribution to the group personal pension scheme or stakeholder pension scheme to which the communication relates in the event of the employee becoming a member of the scheme and the communication contains a statement informing the employee of this;
[F1(b)the employer has not received, and will not receive, any direct financial benefit as a result of making the communication;]
(c)the employer notifies the employee in writing prior to the employee becoming a member of the scheme of the amount of the contribution that the employer will make to the scheme in respect of that employee [F2or the basis on which the contribution will be calculated]; and
(d)in the case of a non-real time communication, the communication contains, or is accompanied by, a statement informing the employee of his right to seek advice from an authorised person or an appointed representative.
F3(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) In this article—
“group personal pension scheme” means arrangements administered on a group basis under a personal pension scheme and which are available to employees of the same employer or of employers within a group;
M1M2“personal pension scheme” means a personal pension scheme as defined in section 1 of the Pension Schemes Act 1993 and which has been approved by the Commissioners of Inland Revenue under Chapter XIV of the Income and Corporation Taxes Act 1988 ;
M3“stakeholder pension scheme” has the meaning given by section 1 of the Welfare Reform and Pensions Act 1999 .
Textual Amendments
F1Art. 72(2)(b) substituted (13.4.2010) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2010 (S.I. 2010/905), arts. 1, 4(a)(i)
F2Words in art. 72(2)(c) inserted (13.4.2010) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2010 (S.I. 2010/905), arts. 1, 4(a)(ii)
F3Art. 72(3) omitted (13.4.2010) by virtue of The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2010 (S.I. 2010/905), arts. 1, 4(b)
Marginal Citations
M11993 c. 48 as amended by section 239 of the Pensions Act 2004 (c. 35).