Joint Committee on Statutory Instruments Thirty-Fifth Report


Memorandum from the Department for Work and Pensions


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 Session?

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 below.

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

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