Citation, commencement and interpretation

1. —(1) These Regulations may be cited as the Stakeholder Pension Schemes (Amendment) Regulations 2001 and shall come into force on 14th February 2001.

(2) In these Regulations, a reference to a numbered regulation is to the regulation bearing that number in the Stakeholder Pension Schemes Regulations 2000( 3 ).

Amendment of regulation 2

2. For regulation 2(2) substitute—

“ (2) The manager of the scheme must be a person who is—

(a) mentioned in section 632(1) of the Income and Corporation Taxes Act ( 4 ) (establishment of schemes); or

(b) the authorised corporate director of an open-ended investment company.

(3) In this regulation “authorised corporate director” and “open-ended investment company” each has the same meaning as in the Open-ended Investment Companies (Tax) Regulations 1997 ( 5 ) . ” .

Amendment of regulation 3

3. —(1)Regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes) shall be amended as follows.

(2) In paragraph (1) for “the acceptance of contributions, transfer payments and pension credits” substitute—

• “the acceptance of credits within the meaning of section 29 (pension sharing: creation of pension debits and credits), contributions and transfer payments”.

(3) After paragraph (5) insert—

“ (5A) Subject to paragraphs (10) and (11) and to regulation 17(1), except to the extent necessary to ensure that the scheme has tax-exemption or tax-approval, the scheme instruments must preclude membership of the scheme being restricted by reference to—

(a) financial status;

(b) the amount of contributions to be made to the scheme;

(c) the manner in which contributions may be made to the scheme. ” .

(4) After paragraph (9) insert—

“ (10) Paragraph (5A) shall not preclude membership being restricted by reference to—

(a) employment with a particular employer or in a particular trade or profession; or

(b) membership of a particular organisation.

(11) The scheme instruments may permit restrictions on payment of contributions by means of cash or a credit card. ” .

Amendment of regulation 4

4. —(1)Regulation 4 (additional requirements as regards instruments establishing a stakeholder pension scheme established under a trust) shall be amended as follows.

(2) Omit paragraphs (1) and (2).

(3) In paragraph (3) for “The trust instruments” substitute—

• “The instruments establishing a stakeholder pension scheme established under a trust (“the trust instruments”)”.

Revocation of regulation 5

5. Omit regulation 5 (additional requirements as regards instruments establishing a stakeholder pension scheme not established under a trust).