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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001 URL: http://www.bailii.org/uk/legis/num_reg/2001/20012512.html |
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Made | 12th July 2001 | ||
Laid before Parliament | 13th July 2001 | ||
Coming into force | 6th August 2001 |
of rights in, or interests under, personal pension schemes; or
(b) the selling, by such persons between 29th April 1998 and 15th August 1999, of rights in, or interests under, free standing additional voluntary conribution schemes.
(3) References in this Order to "selling" rights or interests are to be construed in accordance with paragraph 27 of Schedule 2, but also include -
(4) References in this Order to numbered sections or Schedules are (except where otherwise indicated) references to sections of, or Schedules to, the Act.
Pensions review provisions to take effect as deemed scheme under section 404
2.
- (1) This article applies to a pensions review provision which -
(2) Where a pensions review provision -
this article applies to the original provision, subject to that amendment.
(3) After commencement, a pensions review provision to which this article applies has effect, with such modifications (if any) as may be made under article 4, or article 6(1)(b) as applied by article 6(3), as if it were a provision of an authorised scheme within the meaning of section 404 (schemes for reviewing past business) ("the deemed scheme"), subject to any modifications later made in accordance with article 6(1)(b).
(4) Paragraph (3) applies -
Designation of pre-commencement provisions
3.
- (1) The Authority may under this article designate any pensions review provision currently in force.
(2) To designate a pensions review provision, the Authority must -
(3) In order to identify the pensions review provision for the purposes of paragraph (2) the Authority must give sufficient information about -
to ensure that a person can ascertain with certainty the content of the provision being designated.
(4) Paragraph (3)(c) does not require the giving of information about amendments (or changes in meaning) made by any provision which is itself designated under this article.
(5) To the extent to which the instrument does not comply with paragraph (2)(b), it is void.
(6) The Authority may charge a reasonable fee for providing a person with a copy of an instrument made under this article or of a provision pursuant to paragraph (2)(f).
(7) The Authority must give a copy of any designation instrument to the Treasury without delay.
(8) The making of an instrument under this article is a legislative function for the purposes of Schedule 1.
Modifications on designating pensions review provisions
4.
- (1) When designating a pension review provision, the Authority must make such modifications of it (if any) as appear to the Authority necessary to ensure -
(2) When designating a pensions review provision, the Authority may make such modifications of it as have the effect of limiting its application to a class of persons narrower than the class to which it applied immediately before commencement; and paragraph (1) is not to be taken -
(3) The modifications authorised by paragraph (1)(a) include the addition of such transitional provisions as are necessary to achieve the result there mentioned.
(4) This article does not affect the power of the Authority to make modifications of the deemed scheme under article 6(1)(b).
Waiver or modification as respects particular persons
5.
- (1) This article applies where -
(2) In a case where this article applies, the waiver or modification has effect after commencement as if it were a direction under subsection (2) of section 148 (modification or waiver of rules) (as applied by article 7(1)) -
(3) Any condition subject to which the waiver or modification was granted has effect after commencement as if imposed under section 148(5).
(4) Subsection (6) of section 148 does not apply to a direction having effect by virtue of this article but subsection (9) of that section applies to such a direction as it applies to a direction given after commencement.
(5) In this article, references to a waiver or modification -
Modifications of section 404 in its application to deemed scheme
6.
- (1) In its application to the deemed scheme, section 404 has effect as if -
were (subject to paragraph (2)) to be treated as a failure on his part to comply with rules;
(b) it provided for the Authority to make to the deemed scheme such modifications as it considers necessary or appropriate for the purposes of -
or such incidental, supplemental, consequential or transitional modifications as it considers appropriate.
(2) A person is not (by virtue of paragraph (1)(a)) to be treated as having failed to comply with rules by reason of his failure to comply with any designated provision, if he shows that at the time of the alleged contravention the designation instrument concerned had not been published in accordance with article 3(2)(e).
(3) The Authority may, before commencement, exercise the power in paragraph (1)(b) so as to make modifications to a designated provision, to have effect after commencement (but not before) as modifications of the deemed scheme.
(4) A provision which is modified under paragraph (1)(b), or which is added to the deemed scheme as a result of a modification made under that paragraph, is referred to in this Order as a "new provision".
Provisions of deemed scheme: procedural requirements
7.
- (1) Section 148 (modification or waiver of rules) applies to provisions of the deemed scheme as it applies to rules (subject to article 5(4)).
(2) Sections 152 to 154 and 156 (procedural provisions relating to rules) apply to new provisions as they apply to rules.
(3) Section 155 (consultation on proposed rules) does not apply to new provisions.
(4) Section 154 (verification of rules) does not apply to designated provisions, but the following provisions of this article apply instead.
(5) The production of a printed copy of a designation instrument or a designated provision purporting to be made by the Authority on which is endorsed a certificate which -
is evidence (or in Scotland sufficient evidence) of the facts stated in the certificate.
(6) The required statements in relation to a designation instrument are -
(7) The required statement in relation to a copy of a designated provision is that the text set out in the document is a designated provision within the meaning of article 3.
(8) A certificate purporting to be signed as mentioned in paragraph (5) is to be taken to have been properly signed unless the contrary is shown.
(9) A person who wishes in any legal proceedings to rely on a designation instrument or on a designated provision may require the Authority to endorse a copy of that instrument or provision with a certificate of the kind mentioned in paragraph (5).
Nick Ainger
John Heppell
Two of the Lords Commissioners of Her Majesty's Treasury
12th July 2001
[2] 1988 c.1. Section 591 was amended by the Finance Act 1988 (c. 39), Sch. 13, Part 1; the Finance Act 1994 (c. 9), Sch. 26, Part V; the Finance Act 1995 (c. 4), section 59(2); and the Finance Act 1999 (c. 16), Sch. 10.back
[3] 1993 c. 48. The definition of "personal pension scheme" in section 1 was amended by the Welfare Reform and Pensions Act 1999 (c. 30), Sch. 2, para. 3(1)(a).back