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(1) These Regulations may be cited as the Stakeholder Pension Schemes (Amendment) Regulations (Northern Ireland) 2001 and shall come into operation on 14th February 2001.
(2) In these Regulations any reference to a numbered regulation is a reference to the regulation in the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000 bearing that number.
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(1) Regulation 3 (requirements applying to all stakeholder pension schemes as regards instruments establishing such schemes) shall be amended in accordance with paragraphs (2) to (4).
(2) In paragraph (1) for “the acceptance of contributions, transfer payments and pension credits” there shall be substituted “the acceptance of credits within the meaning of Article 26 (pension sharing: creation of pension debits and credits), contributions and transfer payments”.
(3) After paragraph (5) there shall be inserted the following paragraph—“
(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) there shall be inserted the following paragraphs—“
(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.”.
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(1) Regulation 4 (additional requirements as regards instruments establishing a stakeholder pension scheme established under a trust) shall be amended in accordance with paragraphs (2) and (3).
(2) Paragraphs (1) and (2) shall be omitted.
(3) In paragraph (3) for “The trust instruments” there shall be substituted “The instruments establishing a stakeholder pension scheme established under a trust (“the trust instruments”)”.
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Regulation 5 (additional requirements as regards instruments establishing a stakeholder pension scheme not established under a trust) shall be omitted.
Sealed with the Official Seal of the Department for Social Development on 19th January 2001.
John O'Neill
Senior Officer of the
Department for Social Development
