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DSS Stakeholder Regs: First Set of Amendments
by Ian Neale 26/01/2001 Printer-friendly version of this page
On 23 January 2001 DSS laid SI 2001/104 The Stakeholder Pension Schemes (Amendment) Regulations. The accompanying Press Release provides a good summary, but note that the web address cited for the Regs themselves is incorrect.
This is quite a short SI, containing just the first set of amending regs, concerning the registration of schemes. More changes are to follow shortly, based upon those announced in the DSS’s letter of 2 November 2000.
The main changes in this SI, coming into force on 14 February 2001, are:
- to permit contract-based stakeholder schemes to apply the same membership restrictions as are presently permitted for trust-based schemes (eg to restrict membership to employees of a particular employer, or to workers in a particular trade or profession, or to members of a particular organisation);
- to permit the authorised corporate director of an open-ended investment company to act as a stakeholder scheme manager (provided they have the appropriate authorisation from the FSA);
and furthermore
- to clarify, for both non-trust and trust schemes, that they don’t have to accept cash or credit card contributions (but they must accept payment via cheque, standing order, or direct debit/credit).
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