Requirement for manager of schemes not established under trust to appoint a reporting accountant
11.—(1) Subject to paragraph (2), for the purposes of section 1(1)(b), it shall be a condition of a scheme being a stakeholder pension scheme that the requirements of this regulation are complied with.
(2) This regulation does not apply to a scheme established under a trust.
(3) There shall be a person appointed by the manager of the scheme as reporting accountant for the scheme (“the reporting accountant”).
(4) A person shall not be appointed as the reporting accountant where—
(a)he is a member of the scheme; or
(b)he is connected with or an associate of the manager of the scheme.
(5) The reporting accountant shall be appointed in writing and the notice of appointment shall specify—
(a)the date on which the appointment is due to take effect;
(b)to whom the reporting accountant is to report; and
(c)from whom the reporting accountant is to take instructions.
(6) The manager shall procure from the reporting accountant within one month of his receiving his notice of appointment a statement—
(a)acknowledging in writing his receipt of his notice of appointment; and
(b)confirming in writing that he will notify the manager of any conflict of interest to which he is subject in relation to the scheme immediately he becomes aware of its existence.
(7) It shall be a condition of the appointment of the reporting accountant that he agrees, in the event of his resignation, to serve on the manager a written notice of resignation containing—
(a)a statement specifying any circumstances connected with the resignation which in his opinion significantly affect the interests of the members or prospective members of, or of beneficiaries under, the scheme, or
(b)a declaration that he knows of no such circumstances.
(8) Where the reporting accountant is removed by the manager or resigns or dies, the manager shall appoint another reporting accountant within 3 months from the date of the removal, resignation or death.