The following Financial Services practice note provides comprehensive and up to date legal information covering:
Establishing, operating or winding up:
a stakeholder pension scheme, or
a personal pension scheme
are regulated activities under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). The regulated activity relating to stakeholder pension schemes was included in the RAO when it came into force. However, the regulated activity relating to personal pension schemes was not introduced until 6 April 2007 as a result of the implementation of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006, SI 2006/1969. This amendment order introduced a new specified activity of establishing, operating or winding-up a personal pension scheme and a new specified investment of rights under a personal pension scheme into the RAO.
According to the Financial Conduct Authority (FCA), rights under a personal pension scheme are all the rights that conferred on a member by membership of the scheme. Such rights may include some or all of the following:
to make payments to (or in certain circumstances, withdraw funds from) the scheme, or
to transfer value to another pension scheme,
to place certain types of property (for example, commercial property) in the scheme,
to instruct the operator:
which assets to buy or sell for the purposes of the scheme,
to switch funds from one managed or unitised fund to another, and
to borrow money to purchase assets
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