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”.