17 Amendment of the Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005
1 Amend the Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 as follows.
S.I. 2005/3380.
2 In regulation 10(8) (postponement) for “given in regulation 11” substitute “given in regulation 3 of the Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (meaning of “European employer” and “host member State” in Part 7 of the Pensions Act 2004).”.
S.I. 2005/3381.
3 Omit regulation 11 (meaning of “European employer”).
4 In regulation 15(1) (exemptions)—
(a) in sub-paragraph (h)—
(i) for “a scheme which has” substitute “a scheme with”;
(ii) in head (i) for “all decisions which fall to be made by the trustees are” substitute “any decision made by the trustees is”; and
(iii) in head (ii), for “who is an independent trustee” substitute “who is independent”; and
(b) in sub-paragraph (i)—
(i) for “a scheme which has” substitute “a scheme with”;
(ii) for “where a company is a trustee” substitute “where a company is the sole trustee”;
(iii) in head (i), for “is made only by the unanimous agreement” substitute “is made by the unanimous agreement”; and
(iv) in head (ii), for “one of the directors is a trustee who” substitute “one of the directors of the company”.