Amendment of the Occupational Pension Schemes (Regulatory Own Funds) Regulations 200517
1
Amend the Occupational Pension Schemes (Regulatory Own Funds) Regulations 200530 as follows.
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 200531 (meaning of “European employer” and “host member State” in Part 7 of the Pensions Act 2004).”.
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”.