The Personal Pension Schemes (Appropriate Schemes) Regulations (Northern Ireland) 1997

Regulation 2(2)(b)

SCHEDULE 1Kinds of Unit Trust Scheme that may be an Appropriate Scheme

Part IKinds of Unit Trust Scheme

1.  An authorised securities scheme.

2.  A feeder fund, but only if the scheme which is the object of its investment is an authorised securities scheme, an investment company with variable capital, a money market fund, or a fund of funds of a kind mentioned in this Part.

3.  A fund of funds, but only if the schemes which are the object of its investment are authorised securities schemes, investment companies with variable capital, or money market funds.

4.  A money market fund.

Part IIDefinitions

In this Schedule—

“authorised securities scheme” means an authorised unit trust scheme the sole object of which is investment in transferable securities and which is not a feeder fund or a fund of funds;

“authorised unit trust scheme” has the same meaning as in the Financial Services Act 1986(1);

“feeder fund” means an authorised unit trust scheme the sole object of which is investment in units of a single authorised unit trust scheme or shares in a single investment company with variable capital;

“fund of funds” means an authorised unit trust scheme the sole object of which is investment in units of other authorised unit trust schemes or shares in investment companies with a variable capital;

“investment company with variable capital” means an investment company with variable capital within the meaning of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996(2);

“money market fund” means an authorised unit trust scheme the sole object of which is investment in transferable securities, deposits and instruments creating or evidencing indebtedness which are not transferable securities; and

“transferable security” means any investment falling within paragraphs 1 to 6 of Schedule 1 to the Financial Services Act 1986 other than an investment title to which either cannot be transferred or can be transferred only with the consent of a third party.

Regulation 18(2)(a)

SCHEDULE 2Information to be included in Notice

1.  The right of the member to cancel his membership of the scheme.

2.  The provisions of section 156(1), the scheme rules and of these Regulations which govern the exercise of the right referred to in paragraph 1.

3.  The name and address of the person on whom the member’s counter-notice, mentioned in regulation 18, should be served.

4.  The type of account, or accounts, in which contributions to the scheme are invested.

5.  The rate of interest, at the time when the notice is served, which is accruing to contributions of members of the scheme which are then invested.

6.  The part—

(a)of any payment or payments that are made to the scheme by or on behalf of a member;

(b)of any income arising from the investment of payments such as are mentioned in sub-paragraph (a); or

(c)of the value of rights under the scheme,

that may be used (otherwise than as an unidentifiable element in the calculation of interest on invested contributions)—

(i)to defray the administrative expenses of the scheme;

(ii)to pay commission; or

(iii)in any other way which does not result in the provision of benefits for or in respect of members.

7.  How tax relief on members' contributions is effected.

8.  How the cessation of the making of contributions to the scheme by a member of it, not less than 21 days after he becomes a member of it, but before the end of the period for which he could continue making such contributions, would affect the member’s rights under the scheme.

9.  The address to which enquiries about the scheme generally or about an individual’s entitlement to benefit should be sent.

Regulation 20

SCHEDULE 3Regulations revoked