19th August 2011
Retirement Benefits Schemes (Miscellaneous Amendment) Regulations 2011
The Insurance and Pensions Authority has today issued for consultation a copy of the draft Retirement Benefits Schemes (Miscellaneous Amendment) Regulations 2011.
The consultation document together with a copy of the draft regulations can be accessed from the consultation page on Authority’s website here.
These draft regulations provide for a number of amendments to the:
- Retirement Benefits Schemes (Management and Miscellaneous Provisions) Regulations 2001
- Retirement Benefits Schemes (Excepted Schemes) Regulations 2001
- Retirement Benefits Schemes (International Schemes) Regulations 2001
- Retirement Benefits Schemes (Domestic Schemes) (General Administration) Regulations 2004
- Retirement Benefits Schemes (Recognised Schemes) (United Kingdom) Order 2004
- Retirement Benefits Schemes (Permitted Schemes) Regulations 2004.
A summary of the proposed amendments is provided in the Consultation Document and includes:
updating the definition and application of an exempted insurance company contract;
- proposals to introduce provisions for the exclusion of certain Employer-Financed Retirement Benefits Schemes;
- proposals to introduce provision for trustees of international occupational money purchase schemes to transfer accrued benefits under certain conditions in the absence of member consent and without obtaining a court order;
- provisions in respect of the duty to obtain and disclose certain information in respect of a proposal to transfer a member’s rights from a domestic scheme overseas;
- setting out the prescribed particulars required by section 18(A1) of the Act; and
- updating references to legislation that has been superseded by other provisions or is no longer in force.
The IPA invites written comments on the draft regulations by 30 September 2011, though earlier submission would be welcome.