Memorandum from the Department for Work
2002 (S.I. 2002/1480)
1. The Committee has requested a memorandum in relation
to the above instrument on the following point:
These Regulations amend the Stakeholder Pension
Schemes Regulations 2000. Why was the opportunity not taken to
rectify the defect in regulation 11(7A) of that instrument identified
in paragraph 15 of the Committee's 16th Report of the 2000-2001
2. The Stakeholder Pension Schemes (Amendment) Regulations
2002 ("the Amending Regulations") amend only regulation
12 of the Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403)
("the Principal Regulations") for the reason outlined
3. Following discussions with representatives of
stakeholder pension schemes and the accountancy profession the
Department decided that amendments should be made to regulations
11 and 12 of the Principal Regulations. These amendments are being
prepared and will also rectify the defects in the Principal Regulations
identified in the Committee's 16th Report of the 2000-2001 Session.
4. Regulation 12 provides for the making of an annual
declaration by the trustees or manager and for the trustees or
manager to obtain statements from the scheme's reporting accountant.
Prior to its amendment by the Amending Regulations the earliest
date that the trustees or manager could be required to make an
annual declaration or obtain a reporting accountant's statement
was 5th July 2002. The effect of the Amending Regulations is to
extend to 31st December 2002 the time limit for the trustees or
manager of a scheme to make the annual declaration and obtain
the reporting accountant's statements where these would otherwise
have had to have been obtained prior to this date.
5. As the Amending Regulations had to be made quickly
so as to come into force before 5th July 2002, and the Department
was shortly to make further amending regulations which were to
include other amendments to regulation 11, it was decided to deal
with the defects pointed out by the Committee in that further
set of amending regulations.
6. The Department expects that the further amending
regulations will be made later in the summer.
1 July 2002