The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2010

• Citation: S.I. 2010/499
• Sections: 8

Section 1 Citation and commencement

These Regulations may be cited as the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2010 and shall come into force on 6th April 2010.

Section 2 Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996 are amended as follows.

(2) In Regulation 60(1)(b)(payment of a guaranteed minimum pension as a lump sum) —

(a) omit “permitted either”,

(b) in sub-paragraphs (i) and (ii), insert at the beginning “permitted”,

(c) in sub-paragraph (i), omit (cc), and

(d) at the end insert—

; or

(iii) made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”)), is a payment that is described in Part 2 of the 2009 Regulations and is made to or in respect of a member.

Section 3 Amendment of the Occupational Pension Schemes (Scheme Administration) Regulations 1996

(1) The Occupational Pension Schemes (Scheme Administration) Regulations 1996 are amended as follows.

(2) In regulation 3 (exemptions from the professional advisers requirements)—

(a) omit paragraph (1)(j), and

(b) in paragraph (2)(b)(i) , omit “(j),”.

Section 4 Amendment of the Occupational Pension Schemes (Winding Up) Regulations 1996

(1) The Occupational Pension Schemes (Winding Up) Regulations 1996 are amended as follows.

(2) For regulation 1(5) (interpretation) substitute—

(5) References in these Regulations to BAS standards are to guidance or standards adopted or prepared, and from time to time revised, by the Board for Actuarial Standards, which are relevant to the determination, calculation and verification of the amount or value of the liabilities of the scheme to which section 73 applies.

(3) In regulation 4(1)(d)(calculation of the value or amount of scheme assets and liabilities) , for “the guidance given in GN19, so far as that guidance applies for the purposes of these Regulations” substitute “any relevant BAS standards”.

Section 5 Amendment of the Pension Sharing (Valuation) Regulations 2000

(1) The Pension Sharing (Valuation) Regulations 2000 are amended as follows.

(2) In regulation 3 (calculation and verification of cash equivalents for the purposes of the creation of pension debits and credits)—

(a) in paragraph (a), for “regulations 4 and 5” substitute “regulation 4”, and

(b) in paragraph (b), for “regulations 6 and 7” substitute “regulations 5 and 7”.

Section 6 Amendment of the Occupational Pension Schemes (Scheme Funding) Regulations 2005

(1) The Occupational Pension Schemes (Scheme Funding) Regulations 2005 are amended as follows.

(2) For regulation 15 (guidance relating to actuarial advice) substitute—

Guidance relating to actuarial advice

(15) When advising the trustees or managers of a scheme on any of the matters specified in section 230(1) of the 2004 Act, the actuary shall have regard to any guidance or standards adopted or prepared, and from time to time revised, by the Board for Actuarial Standards which are relevant to the matters specified in that section.

Section 7 Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006

(1) The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 are amended as follows.

(2) In regulation 8(3) (listed changes: occupational pension schemes), at the end insert—

(e) to change what elements of pay constitute pensionable earnings, or to change the proportion of or limit the amount of any element of pay that forms part of pensionable earnings, for or in respect of members or members of a particular description.

(3) After regulation 8(4) insert—

(5) “Pensionable earnings” means the earnings by reference to which pension benefits are calculated, and an “element of pay” includes basic salary, a pay rise, an overtime payment, and a bonus payment.

Section 8 Amendment of the Occupational Pension Schemes (Modification of Schemes) Regulations 2006

(1) The Occupational Pension Schemes (Modification of Schemes) Regulations 2006 are amended as follows.

(2) After regulation 6, insert the following regulation—

Modification of Schemes: the Registered Pension Schemes (Modification of the Rules of Existing Schemes) Regulations 2009

(6A)

(1) Paragraph (2) applies where any power to amend the rules of an existing trust scheme, as those rules stood immediately before 6 th April 2006, is subject to the agreement, consent, approval of, or confirmation of continued approval of the scheme by—

(a) the Inland Revenue, the Board of Inland Revenue, the Commissioners of Inland Revenue, or any officer of any of them (whether referred to as such or by reference to another title), or

(b) Her Majesty’s Revenue and Customs, the Commissioners for Her Majesty’s Revenue and Customs or an officer of Revenue and Customs.

(2) Where this paragraph applies, the trustees of a trust scheme may by resolution modify the power of amendment mentioned in paragraph (1) so as to remove that requirement for agreement, consent, approval, or confirmation of continued approval.

(3) Paragraph (4) applies where (apart from this regulation) the trustees of an existing trust scheme do not have power to make such alterations to the scheme as may be required to remove any requirement in the scheme rules, as they stood immediately before 6 th April 2006, for the agreement, consent, approval of or confirmation of continued approval of the scheme by any of the bodies or persons mentioned in sub-paragraphs (1)(a) and (b).

(4) Where this paragraph applies, the trustees of a trust scheme may by resolution amend the rules of the scheme so as to remove that requirement for agreement, consent, approval or confirmation of continued approval.