The Stakeholder Pension Schemes Regulations 2000

Citation, commencement and interpretationE+W+S

1.—(1) These Regulations may be cited as the Stakeholder Pension Schemes Regulations 2000.

(2) Parts I to III and V of these Regulations shall come into force on 1st October 2000 [F1 and—

(a)regulation 23 shall come into force on 6th April 2001; and

(b)Part IV (except regulation 23) shall come into force on 8th October 2001.]

(3) In these Regulations—

• “the Act" means the Welfare Reform and Pensions Act 1999 M1;

• “the 1993 Act" means the Pension Schemes Act 1993;

• “the 1995 Act" means the Pensions Act 1995;

• [F2“address” means postal address (except in the phrases “postal address”, “electronic address” and “website address”);]

• “beneficiary", in relation to a stakeholder pension scheme, means any person who has rights under the scheme which have arisen as a result of the death of a member of the scheme;

• F3...

• F4...

• [F5“dilution levy” has the meaning given by the FCA Handbook;]

• [F6“electronic communication” has the same meaning as in section 15(1) of the Electronic Communications Act 2000;]

• [F7“the FCA Handbook” means the Handbook made by the Financial Conduct Authority under the Financial Services and Markets Act 2000;]

• [F8‘illustration date’ means, in relation to any information provided, or to be provided, under regulation [F918A(2)], the date specified by the trustees or manager as the date by reference to which amounts are calculated for the purpose of providing the information;]

• F10...

• F11...

• [F12“insurer” means—

  (a)

  a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, ]F13...

  (b)

  F13...

• F14...

• [F15“lifestyling” has the meaning given by regulation 10A(5);]

• F16...

• F16...

• [F17‘non-contributing member’ means—

  (a)

  F18...

  (b)

  F19... a member in respect of whom no further contributions to the scheme are due or expected after the illustration date;]

• “pension arrangement" means—

  (a)

  an annuity contract;

  (b)

  an insurance policy; or

  (c)

  [F20a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004;]

  which has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement, to or in respect of earners;

• “property" includes land;

• “qualifying scheme" shall, in respect of an employer, include any stakeholder pension scheme which has at any time been designated by the employer under section 3(2);

• [F21“relevant guidance” means the document entitled “AS TM1: Statutory Money Purchase Illustrations” that is adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited;]

• “reporting accountant" has the meaning given to it by regulation 11(3);

• [F22‘retirement date’ means, in relation to a member—

  (a)

  the date which he has specified to the trustees or manager, and which is acceptable under the rules of the scheme, for the purpose of regulation [F2318A(2)]; or

  (b)

  where no acceptable date has been specified for that purpose, the date specified by the trustees or manager as being the appropriate date for the purpose of regulation [F2318A(2)] ;]

• [F24“scheme instruments” means instruments establishing a stakeholder pension scheme;]

• [F25“securities” means investments of the following kinds—

  (a)

  shares,

  (b)

  instruments creating or acknowledging indebtedness,

  (c)

  government and public securities,

  (d)

  instruments giving entitlements to investments,

  (e)

  certificates representing securities,

  F26...;]

• [F27“statement year” has the meaning given by regulation 18;]

• [F28“tax relief” has the meaning given by Chapter 4 of Part 4 of the Finance Act 2004 (registered pension schemes: tax reliefs and exemptions);]

• “transfer payment" means a payment in respect of a person’s accrued rights under a pension scheme or pension arrangement made with a view to acquiring rights under another pension scheme or pension arrangement for that person; and

• “with-profits fund" means a fund, maintained by an [F29insurer] in respect of a particular part of its long-term business for which—

  (a)

  separate accounting records are maintained by the [F29insurer] in respect of all income and expenditure relating to that part of its business; and

  (b)

  the benefits payable in respect of policies allocated to that fund are determined partly by reference to a discretion exercisable by any person.

[F30(3A) The definitions of “insurer” and “securities” in paragraph (3) must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

F31[F32(4)] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F31[F32(4A)] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Sections 249 and 435 of the Insolvency Act 1986 (connected and associated persons) M2 and section 74 of the Bankruptcy (Scotland) Act 1985 (associated persons), apply for the purposes of [F33regulation 4(3)] as they apply for the purposes of those Acts respectively.

(6) For the purposes of these Regulations and section 1(8) and (9) (which provide that stakeholder pension schemes must have tax-exemption or tax-approval and must not refuse to accept transfer payments except in so far as necessary to ensure that the scheme has such exemption or approval) [F34“tax-registration” and “tax-registered” mean registration or, as the case may be, registered under section 153 of the Finance Act 2004.]

(7) In these Regulations, unless the context otherwise requires, references to a section are to a section of the Act.

[F35(8) F36...]