text:
PART I
INTRODUCTION
Citation, commencement and interpretation
1
1
These Regulations may be cited as the Occupational Pension Schemes (Scheme Administration) Regulations 1996 and shall come into force on 6th April 1997.
2
In these Regulations —
“the 1995 Act ” means the Pensions Act 1995;
“the Taxes Act ” means the Income and Corporation Taxes Act 1988 ;
“approved scheme” means a scheme which is approved or was formerly approved under section 590 or 591 of the Taxes Act or in respect of which an application for such approval has been duly made which has not been determined;
“business days” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday, or a bank holiday within the meaning of the Banking and Financial Dealings Act 1971 ;
“money purchase scheme” has the same meaning as in section 181(1) of the Pension Schemes Act 1993 ;
“pensioneer trustee” has the same meaning as in regulation 2(1) of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991 ;
“public service pension scheme” has the same meaning as in section 1 of the Pension Schemes Act 1993;
“relevant benefits” has the same meaning as in section 612(1) of the Taxes Act;
“relevant statutory scheme” has the same meaning as in section 611A of the Taxes Act ;
“scheme year” means —
a year specified for the purposes of the scheme in any document comprising the scheme or, if none, a period of 12 months commencing on 1st April or on such date as the trustees or managers select; or
such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the trustees or managers in connection with —
the commencement or termination of the scheme, or
a variation of the date on which the year or period referred to in paragraph (a) is to commence;
“small self-administered scheme” has the same meaning as in regulation 2(1) of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991;
“unfunded occupational pension scheme” means an occupational pension scheme under which there is no requirement to set aside in advance resources related to the intended rate or amount of benefits; and
“wholly insured scheme” means an occupational pension scheme under which all the benefits provided are secured by a policy or policies of insurance or an annuity contract or contracts.
3
In these Regulations, unless the context otherwise requires, a reference —
a
to a numbered regulation is to the regulation bearing that number in these Regulations;
b
in a regulation to a numbered paragraph is to the paragraph bearing that number in that regulation.
PART II
ADVISERS
Appointment of professional advisers by trustees or managers
2
For the purposes of section 47(3) of the 1995 Act (legal advisers, fund managers, and persons exercising prescribed functions in relation to the scheme to be appointed by the trustees or managers) the prescribed functions are —
a
the examination of, and the expression of an opinion on, the financial statements and accounts of the scheme and any other matter relating to the audit of the scheme;
b
the provision of advice on financial questions relating to the funding of, and assets of, the scheme and on questions in respect of probabilities relating to mortality and other contingencies, and any other matter relating to the actuarial affairs of the scheme;
c
the custody of cash, securities and any other documents of title to scheme assets.
Exemptions from the professional advisers requirements
3
1
Section 47(1)(a) of the 1995 Act (for every occupational pension scheme there shall be an individual, or a firm, appointed by the trustees or managers as auditor) does not apply to —
a
any occupational pension scheme in respect of which any Minister of the Crown has given a guarantee or made any other arrangements for the purpose of securing that the assets of the scheme are sufficient to meet its liabilities;
b
the scheme established by the Salvation Army Act 1963 ;
c
occupational pension schemes which provide relevant benefits but are neither approved schemes nor relevant statutory schemes;
d
public service pension schemes —
i
under the provisions of which there is no requirement for assets related to the intended rate or amount of benefit under the scheme to be set aside in advance (disregarding requirements relating to additional voluntary contributions); or
ii
which are made under section 7 of the Superannuation Act 1972 (superannuation of persons employed in local government service etc. ) or section 2 of the Parliamentary and other Pensions Act 1987 (power to provide for pensions for Members of the House of Commons etc.) ;
e
unfunded occupational pension schemes;
f
occupational pension schemes with less than 2 members;
g
occupational schemes in which —
i
the only benefits provided are death benefits, and
ii
under the provisions of which no member has accrued rights;
h
occupational money purchase small self-administered schemes in which —
i
all members of the scheme are trustees, and
ii
all decisions are made only by the trustees who are members of the scheme by unanimous agreement and for the purpose of this head the participation of a pensioneer trustee in the making of a decision may be disregarded;
i
occupational pension schemes with a superannuation fund such as is mentioned in section 615(6) of the Taxes Act;
j
the Devonport Royal Dockyard Pension Scheme;
k
the Rosyth Royal Dockyard Pension Scheme;
l
the Rosyth Royal Dockyard Superannuation Scheme for Senior Executives;
m
the Atomic Weapons Establishment Scheme; and
n
the BR Shared Cost Section of the Railways Pension Scheme made under section 134 of, and Schedule 11 to, the Railways Act 1993 .
2
Section 47(1)(b) of the 1995 Act (for every occupational pension scheme there shall be an individual appointed by the trustees or managers as actuary) does not apply to —
a
money purchase schemes;
b
approved schemes —
i
which have been categorised by the Commissioners of Inland Revenue for the purpose of their approval as centralised schemes for non-associated employers;
ii
which are not contracted-out; and
iii
under the provisions of which the only benefits which may be provided on or after retirement (other than money purchase benefits derived from the payment of additional contributions by any person) are lump sum benefits (not including benefits paid by way of commuted retirement pension) which are not calculated by reference to any member’s salary;
c
schemes mentioned in paragraph (1)(a) to (g) and (i) to (n).
3
Section 47(2) of the 1995 Act (for every occupational pension scheme the assets of which consist of or include investments (within the meaning of the Financial Services Act 1986) there shall be an individual or a firm appointed by or on behalf of the trustees or managers as fund manager) does not apply to —
a
relevant schemes of a kind described in article 3(2) of the Financial Services Act 1986 (Occupational Pension Schemes) ( No. 2) Order 1988 ;
b
wholly insured schemes; and
c
schemes mentioned in paragraph (1)(a) to (g), (i) and (n).
4
Section 47(3) of the 1995 Act (legal advisers, fund managers, and persons exercising prescribed functions in relation to the scheme to be appointed by the trustees or managers) does not apply to schemes mentioned in paragraph (1)(a) to (g), (i) and (n).
Qualifications and experience or approval required for appointment as the auditor or actuary
4
1
For the purposes of section 47(5)(b) of the 1995 Act the qualifications and experience or approval required for appointment as —
a
the auditor, subject to paragraph (2), are —
i
those specified in section 25 of the Companies Act 1989 ; or
ii
approval by the Secretary of State;
b
the actuary are —
i
Fellowship of the Institute of Actuaries;
ii
Fellowship of the Faculty of Actuaries; or
iii
approval by the Secretary of State.
2
A person shall not be appointed as the auditor where —
a
he is a member of the scheme ;
b
he is employed under a contract of service by the trustees or managers of the scheme;
c
he is an employer in relation to the scheme; or
d
he is, by virtue of section 27 of the Companies Act 1989, ineligible to audit the accounts of a company which is an employer in relation to the scheme.
Manner and terms of appointment and removal of professional advisers
5
1
An appointment of a professional adviser shall be made in writing (“the notice of appointment”) and shall specify —
a
the date the appointment is due to take effect;
b
to whom the professional adviser is to report; and
c
from whom the professional adviser is to take instructions.
2
A person appointed as a professional adviser shall —
a
acknowledge in writing receipt of the notice of appointment within 1 month of receipt; and
b
confirm in writing that he will notify the trustees or managers, immediately he becomes aware, of the existence of any conflict of interest to which he is subject in relation to the scheme.
3
The resignation of a professional adviser shall be made by serving on the trustees or managers a notice of resignation in writing.
4
The notice of resignation referred to in paragraph (3) shall, in the case of the auditor or actuary, contain either —
a
a statement by the auditor or actuary specifying any circumstances connected with the resignation which, in his opinion, significantly affect the interests of the members or prospective members of, or beneficiaries under, the scheme; or
b
a declaration by the auditor or actuary that he knows of no such circumstances as are referred to in sub-paragraph (a).
5
The resignation shall be effective from the date (if any) specified in the notice by the professional adviser as the date from which he wishes his resignation to be effective, or, if no date is specified, the date on which the trustees or managers receive the notice.
6
Trustees or managers wishing to remove a professional adviser shall do so by serving on him a notice in writing stating the date with effect from which his appointment terminates.
7
Where the auditor or actuary is removed in accordance with paragraph (6), he shall, within 14 days of receipt of the removal notice referred to in that paragraph, provide the trustees or managers with either —
a
a statement specifying any circumstances connected with the removal which, in his opinion, significantly affect the interests of the members or prospective members of, or beneficiaries under, the scheme; or
b
a declaration that he knows of no such circumstances as are referred to in sub-paragraph (a).
8
Where the auditor or actuary —
a
is removed by the trustees or managers,
b
resigns, or
c
dies,
the trustees or managers shall appoint a replacement auditor or actuary (as the case may be) within 3 months from the date of the removal, resignation or death.
9
In a case where paragraph (8) applies, section 47(1)(a) (where the replacement is to be an auditor) or (b) (where the replacement is to be an actuary) of the 1995 Act shall not apply pending the appointment of the replacement.
10
Where a statement or declaration is made in accordance with paragraphs (4) or (7) the trustees or managers shall furnish the succeeding auditor or actuary and, whichever the case may be, the remaining auditor or actuary to the scheme, with a copy of the statement or declaration, where it is reasonably practical to do so on or before the day he is appointed, and in any event no later than the fourteenth day after the trustees or managers receive the statement or declaration.
11
This regulation shall not apply in the case of an appointment of a person as a professional adviser to a scheme which falls within the description referred to in regulation 3(1)(b) to (g) and (i).
Duty to disclose information
6
1
It shall be the duty of any person —
a
who is the employer or has been the employer in relation to an occupational pension scheme and any person who acts as auditor or actuary to such a person, to disclose on request to the trustees or managers such information as is reasonably required for the performance of the duties of trustees or managers or professional advisers;
b
who is the employer in relation to an occupational pension scheme within 1 month of the occurrence, to disclose to the trustees or managers the occurrence of any event relating to the employer which there is reasonable cause to believe will be of material significance in the exercise by the trustees or managers or professional advisers of any of their functions.
2
The information referred to in paragraph (1)(a), in a case where the employer makes provision for the administration of the scheme, includes information in respect of who administers the scheme and the terms on which administrative services are provided.
3
It shall be the duty of the trustees or managers of an occupational pension scheme —
a
to disclose to the professional advisers such information as may reasonably be required for the performance of their duties; and
b
to make available to the professional advisers such of the scheme’s books, accounts and records, including any books and records which the trustees are required to keep under section 49(2) of the 1995 Act (receipts, payments and records), as may reasonably be required for the performance of their duties.
4
This regulation shall not apply in relation to an occupational pension scheme which falls within the description referred to in regulation 3(1)(b) to (g) and (i).
PART III
TRUSTEES
CHAPTER I
TRUSTEES: GENERAL
Ineligibility to act as actuary or auditor
7
For the purposes of section 27(3) of the 1995 Act (ineligibility of trustees and connected and associated persons to act as an auditor or actuary of the scheme: exceptions for persons of a prescribed class or description) the prescribed class or description is —
a
any person who is a director, partner or employee of a firm which provides, amongst other services, actuarial services and who would be ineligible under section 27(1) of the 1995 Act to be the actuary merely because another director, partner or employee of that firm is a trustee of the scheme;
b
any person —
i
who is a director, partner or employee of a firm which provides, amongst other services, actuarial services; and
ii
who is not a director of the company which is a trustee of the scheme,
and who would be ineligible under section 27(1) of the 1995 Act to be the actuary merely because he is an associate of the company which is the trustee of the scheme by virtue of section 435(4), (6) and (7) of the Insolvency Act 1986 ;
c
any person who would be ineligible under section 27(1) of the 1995 Act to act as the auditor or the actuary merely because he falls within the description of associate as specified in section 435(3) of the Insolvency Act 1986.
Meaning of trustee of a trust scheme
8
For the purposes of section 27(5) of the 1995 Act (references to sections 27 and 28 of the 1995 Act to a trustee of a trust scheme do not include a trustee, or a trustee of a scheme falling within a prescribed class or description) the prescribed class or description is any pensioneer trustee.
CHAPTER II
FUNCTIONS OF TRUSTEES
Exemption from the requirement to give notice of an occasion when a specified number of trustees must be present for a decision
9
For the purposes of section 32(2)(b) of the 1995 Act (notice of any occasion at which decisions may be taken by a majority to be given to each trustee unless the occasion falls within a prescribed class or description) the prescribed class or description is an occasion on which it is necessary as a matter of urgency to make a decision.
Manner of, and time for giving, notice when a specified number of trustees must be present for a decision
10
For the purposes of section 32(3) of the 1995 Act (notice to be given in a prescribed manner and no later than the beginning of a prescribed period) the prescribed manner and period are that the notice of the occasion must, unless the trustees agree otherwise, —
a
specify the date, time and place of the occasion; and
b
be sent to the last known address of each trustee no later than 10 business days before the occasion.
CHAPTER III
RECEIPTS, PAYMENTS AND RECORDS
Exemption from the requirement for money to be kept by the trustees
11
1
For the purposes of section 49(1) of the 1995 Act (trustees of any trust scheme must, except in any prescribed circumstances, keep money received in a separate account at an institution authorised under the Banking Act 1987) the prescribed circumstances are —
a
where the trustees have entered into an arrangement or contract with a person to the effect that the money is to be paid into a separate account held by that person; and
i
it is a condition of that arrangement or contract that a record by that person shall be kept of the information referred to in paragraph (2) and such records should be retained for a period of at least 6 years; and
ii
any interest earned on the account shall be credited to the scheme in respect of which the money is deposited;
b
where the trustees have a separate account kept by them at any of the institutions specified in paragraphs (1) to (6) of Schedule 2 to the Banking Act 1987 and money received by them is to be held in that account.
2
The information referred to in paragraph (1)(a)(i) is the —
a
amount of money paid into the account, the date of payment and from whom it was received;
b
amount of money paid out of the account, the date of withdrawal and to whom payment was made; and
c
interest earned on the account of each scheme in respect of which money is deposited.
Requirement for trustees to keep books and records
12
1
Trustees of any trust scheme shall keep —
a
records of their meetings (including meetings of any of their number) in accordance with regulation 13; and
b
books and records relating to any of the following transactions —
i
any amount received in respect of any contribution payable in respect of an active member of the scheme;
ii
the date on which a member joins the scheme;
iii
payments of pensions and benefits;
iv
payments made by or on behalf of the trustees to any person including a professional adviser and such records to include the name and address of the person to whom payment was made and the reason for that payment;
v
any movement or transfer of assets from the trustees to any person including a professional adviser and such records to include the name and address of the person to whom the assets were moved or transferred and the reason for that transaction;
vi
the receipt or payment of money or assets in respect of the transfer of members into or out of the scheme and such records to include, in the case of a member who has transferred into the scheme, the name of that member, the terms of the transfer, the name of the transferring scheme, the date of the transfer and date of receipt or payment of money or assets, and, in the case of a member who has transferred out of the scheme, the name of that member, the terms of the transfer, the name of the scheme transferred to, the date of the transfer, and the date of receipt or payment of money or assets;
vii
in a case where an appropriate policy of insurance is taken out by virtue of section 32A of the Pension Schemes Act 1993 (discharge of protected rights on winding up: insurance policies) , the name of the insurance company, the name of members in respect of which the appropriate policy of insurance is taken out, the payment of money or assets and the date of such payments;
viii
payments made to a member who leaves the scheme, other than on a transfer, and such records to include the name of that member, the date of leaving, the member’s entitlement at that date, the method used for calculating any entitlement under the scheme and how that entitlement was discharged;
ix
payments made to the employer; and
x
other payments to, and withdrawals from, the scheme, including the name and address of the person the payment was made to or from whom it was received.
2
This regulation shall not apply in the case of a trust scheme which falls within the descriptions referred to in regulation 3(1)(c), (f), (g) and (i).
Records of trustees’ meetings
13
1
For the purposes of section 49(4) of the 1995 Act (books and records to be kept in a prescribed form and manner) the prescribed form and manner in the case of records of the meetings of trustees of any trust scheme, is that the record must be in writing and state —
a
the date, time and place of the meeting;
b
the names of all the trustees invited to the meeting;
c
the names of the trustees who attended the meetings and those who did not attend;
d
the names of any professional advisers or any other person who attended the meeting;
e
any decisions made at the meeting; and
f
whether since the previous meeting there has been any occasion when a decision has been made by the trustees and if so the time, place and date of such a decision, and the names of the trustees who participated in the decision.
2
This regulation shall not apply in the case of a trust scheme which falls within the description referred to in regulation 3(1)(c), (f), and (i).
Period for which books and records must be kept
14
The books and records referred to in regulations 12 and 13 shall be kept by the trustees for at least 6 years from the end of the scheme year to which they relate.
Employer to make payments of benefits into a separate account
15
An employer is required, in cases where payments of benefits to members of trust schemes are made by him, to make into a separate account kept by him at an institution authorised under the Banking Act 1987, any payment of benefit which has not been made to a member within 2 business days from the date of receipt by the employer.
Prescribed time in which an employer must make payments to trustees or managers
16
For the purposes of section 49(8)(b) of the 1995 Act (amount deducted from earnings to be paid to the trustees or managers of the scheme within a prescribed period) the prescribed period is 14 days commencing from the end of the month in which the amount is deducted from the earnings in question.
PART IV
MONEY PURCHASE SCHEMES
Exemption from requirement to secure a payment schedule
17
For the purposes of section 87(1) of the 1995 Act (requirement for occupational pension schemes which are money purchase schemes to secure and maintain a payment schedule unless the scheme falls within a prescribed class or description) the prescribed class or description is a money purchase scheme which falls within the description referred to in regulation 3(1)(c), (d) and (f) to (h).
Amounts to be shown in a payment schedule
18
For the purposes of section 87(2)(b) of the 1995 Act (payment schedule to show other amounts payable towards the scheme as may be prescribed) the prescribed amounts are amounts payable towards the scheme by the employer in respect of expenses likely to be incurred in the scheme year.
Requirements which a payment schedule must satisfy
19
1
For the purposes of section 87(3) of the 1995 Act (payment schedule for a scheme must satisfy prescribed requirements) the prescribed requirements are that —
a
the payment schedule shows amounts payable in the scheme year;
b
subject to paragraph (2), the payment schedule contains separate entries for the rates and due dates of contributions (other than voluntary contributions) payable towards the scheme by or on behalf of —
i
the employer, and in the case of a scheme in relation to which there is more than one employer, each employer;
ii
the active members of the scheme.
2
In the case where an insurance premium is payable, the payment schedule need not contain separate entries for identifying the contributions payable by or on behalf of the employer and the active members of the scheme in respect of that premium.
Period within which notice must be given
20
For the purposes of section 88(1) of the 1995 Act (trustees or managers must give notice, where any amounts payable in accordance with the payment schedule have not been paid, within a prescribed period) the prescribed period is, in the case where —
a
notice is to be given to the Authority, 30 days from the due date;
b
notice is to be given to a member, 90 days from the due date.
Circumstances where notice of non-payment of any amount payable to a scheme need not be given
21
1
Where an amount, payable in accordance with the payment schedule, has been paid no later than 60 days after the due date, notice of non-payment in respect of that amount on or before the due date need not be given to the members of the scheme.
2
In the case of a scheme in relation to which there is more than one employer, notice of non-payment in respect of an amount payable in accordance with the payment schedule need not be given to members where their pensionable service is not with the employer who has not paid any amount in accordance with that payment schedule.
Signed by authority of the Secretary of State for Social Security.
Oliver Heald
Parliamentary Under-Secretary of State,
Department of Social Security
2nd July 1996


type: legislation

jurisdiction: UK

text:
1
This Order may be cited as the A21 Trunk Road (Tonbridge Bypass to Pembury Bypass Dualling Slip Roads) Order 1996 and shall come into force on 5th April 1996.
2
In this Order —
i
“the main new road” means the new highway which the Secretary of State proposes to construct along the route described in the Schedule to “The A21 Trunk Road (Tonbridge Bypass to Pembury Bypass Dualling Slip Roads) Order 1996 ;”
ii
“the plan” means the plan numbered HA 10/1/SWM/124 marked “The A21 Trunk Road (Tonbridge Bypass to Pembury Bypass Dualling Slip Roads) Order 1996”, signed by authority of the Secretary of State for Transport and deposited at the Department of Transport, Great Minster House, 76 Marsham Street, London SW1P 4DR;
iii
“the slip roads” means the new highways which the Secretary of State proposes to construct along the routes decribed in the Schedule to this Order and which connect the main new road with other highways at the places stated in that Schedule; and
iv
“the trunk road” means the A21 Trunk Road.
3
The slip roads shall become trunk roads from the date when this Order comes into force.
4
The centre line of each of the slip roads is indicated by a heavy black line on the plan.
5
The Secretary of State directs as respects any part of a highway which crosses the route of any of the slip roads that —
a
where the highway is maintainable at the public expense by a local highway authority, the part in question shall be maintained by that authority; and
b
where the highway is not so maintainable and is not maintainable under a special enactment or by reason of tenure, enclosure or prescription, the Secretary of State shall be under no duty to maintain the part in question,
until, in either case, a date to be specified in a notice by the Secretary of State to the highway authority for that highway. The date specified will not be later than the date on which the relevant route is opened for traffic.
Signed by authority of the Secretary of State for Transport
D. Ward
Director Southern Operations Division Highways Authority
4th March 1996


text:
1
1
This Order may be cited as the A556 Trunk Road (Church Farm-Turnpike Wood, Over Tabley) Order 1996 and shall come into force on 28th June 1996.
2
In this Order all measurements of distance are measured along the route of the relevant highway.
2
The new highway which the Secretary of State proposes to construct along the route described in the Schedule to this Order shall become a trunk road from the date when this Order comes into force.
3
The centre line of the new trunk road is indicated by a heavy black line on the plan marked “The A556 Trunk Road (Church Farm-Turnpike Wood, Over Tabley) Order 1996”, signed by authority of the Secretary of State and deposited at the Department of Transport, LG12 Great Minster House, 76 Marsham Street, London SW1P 4DR.
Signed by authority of the Secretary of State for Transport
R. R. Bineham
Director Highways Agency Northern Operations Division
4th June 1996


text:
Citation and commencement
1
1
These Regulations may be cited as the Insurance Companies (Amendment) Regulations 1996 and shall come into force on 30th April 1996.
2
In these Regulations the “ 1994 Regulations ” means the Insurance Companies Regulations 1994 .
Valuation
2
For paragraph (3) of regulation 23 of the 1994 Regulations (valuation), substitute —
3
Notwithstanding regulation 60(2) below, where a company has issued cumulative preference shares, liabilities in respect of such shares may be left out of account, in aggregate up to 50 per cent. of the required margin of solvency save that liabilities in respect of shares which are redeemable for the purposes of section 159 of the Companies Act 1985 may be left out of account, in aggregate only up to 25 per cent. of the required margin of solvency.
.
Interpretation: Part VIII
3
1
Regulation 44 of the 1994 Regulations (interpretation: Part VIII) shall be amended as follows.
2
Omit the definitions of “equity share” and “equity share capital”.
3
After the definition of “equivalent securities” , insert —
“exposure” in relation to assets means an amount determined in accordance with regulation 57 of, and paragraph 5 of Schedule 12 to, these Regulations;
“exposure” in relation to a counterparty means an amount determined in accordance with regulation 57 of, and paragraphs 13 to 15 of Schedule 12 to, these Regulations;.
4
After the definition of “industrial and provident society”, insert —
“initial margin”, in respect of a derivative contract or a contract or asset having the effect of a derivative contract, means assets which, before or at the time the contract is entered into, are transferred by the insurance company subject to a condition that such assets (or where the assets transferred are securities, equivalent securities) will be returned to the company on completion of that contract;.
5
After the definition of “option”, insert —
“permitted asset exposure limit” has the meaning set out in paragraph 3 of Schedule 12 to these Regulations;
“permitted counterparty exposure limit” has the meaning set out in paragraph 4 of Schedule 12 to these Regulations;.
6
After the definition of “Treasury Bills”, insert —
“variation margin” means —
in respect of a derivative contract, or a contract having the effect of a derivative contract, assets (other than assets transferred by way of initial margin) which, at the relevant date, have been transferred by, to, or for the benefit of the company in pursuance of a condition in that contract or a related contract; and
in respect of an asset having the effect of a derivative contract, assets which, at the relevant date, have been transferred by, to, or for the benefit of, the company in pursuance of a contractual right conferred, or obligation imposed, by the holding of the asset having the effect of a derivative contract;.
7
In sub-paragraph (a) of paragraph (3) , for the words from “and the lower of” to “these Regulations)” substitute —
“and the sum of the aggregate amount available under all letters of credit established for the benefit of the company with the same counterparty, the aggregate amount of all guarantees issued for the benefit of the company by that counterparty and the amount of any exposure of the company to that counterparty does not exceed the permitted counterparty exposure limit for that counterparty.”.
8
In sub-paragraph (b)(ii) of paragraph (3), replace the full stop by “; and” and insert —
iii
where the assets give rise to exposure to a counterparty, the exposure of the company to that counterparty, when added to the aggregate amount available under all letters of credit established for the benefit of the company with that counterparty, and to the aggregate amount of all guarantees issued for the benefit of the company by that counterparty, does not exceed the permitted counterparty exposure limit for that counterparty.
.
9
For paragraph (4) substitute —
4
For the purposes of paragraph (3) above —
a
the aggregate amount available under letters of credit established with a counterparty shall be taken not to exceed the sum of the aggregate amount of all debts and the aggregate value of all obligations in respect of which those letters of credit were established; and
b
the aggregate amount of guarantees issued by a counterparty shall be taken not to exceed the sum of the aggregate amount of all debts and the aggregate value of all obligations so guaranteed; and
c
assets which are securing any other debt owed to (or obligation to be fulfilled for the benefit of) the company shall be treated as if they were assets of the company.
.
Assets sold to or purchased from an approved credit institution or an approved investment firm subject to an agreement for resale or repurchase.
4
1
Regulation 47A of the 1994 Regulations (assets sold to or purchased from an approved credit institution or an approved investment firm subject to an agreement for resale or repurchase) shall be amended as follows.
2
In sub-paragraph (b)(i) of paragraph (3), for the words“listed securities”, substitute “securities (other than approved securities)”.
3
In sub-paragraph (b)(ii) of paragraph (3), omit the words“cause the company to”.
4
In sub-paragraph (b)(i) of paragraph 4, omit the words“cause the company to”.
5
After paragraph (4) insert —
4A
For the purposes of this regulation, where the company has received consideration in respect of any other sale of the kind described in paragraph (1) above, in addition to any other exposure to assets or to a counterparty —
i
if such consideration takes the form of a letter of credit established with, or a guarantee provided by, an approved credit institution, it shall be considered to give rise to exposure to that institution by the amount of the consideration; and
ii
if such consideration takes the form of a charge over securities, it shall be considered to give rise to exposure to securities of the same description and to the issuer of those securities by the amount of the consideration; and
iii
if such consideration takes the form of cash deposited with another party for the benefit of the company, or a charge over cash deposited with another party, it shall be considered to give rise to exposure to that party by the amount of the consideration.
.
6
In the first line of paragraph (5), for the words“paragraph (4) above”, substitute “this regulation”.
Debts and other rights
5
1
Regulation 48 of the 1994 Regulations (debts and other rights) shall be amended as follows.
2
For paragraph (10), substitute —
10
The value of any right to recover assets transferred by way of initial margin shall be determined —
a
where the initial margin was a payment in cash, as if there were a debt owed to the insurance company for that amount, and
b
where the initial margin took the form of a transfer of securities, as if there were a debt owed to the insurance company of an amount equal to the value of such securities as determined in accordance with this Part of these Regulations.
.
3
After paragraph ( 10) insert —
11
The value of any rights arising under a derivative contract to which regulation 55 below does not apply, or under a contract or asset having the effect of a derivative contract to which regulation 55 below does not apply, shall be the value of any right to recover assets transferred by way of initial margin together with the value of any other unconditional right to receive a specified amount.
12
This regulation shall not apply to any rights (other than debts due) in respect of —
a
investments in dependants;
b
securities or beneficial interests in a limited partnership;
c
units or other beneficial interests in a collective investment scheme;
d
a derivative contract, except as provided under paragraphs (10) or (11) above; or
e
a contract or asset which has the effect of a derivative contract except as provided under paragraphs (10) or (l l) above or under regulation 56(4) or 56(5) below.
.
Securities and beneficial interests in limited partnerships
6
1
Regulation 51 of the 1994 Regulations (securities and beneficial interests in limited partnerships) shall be amended as follows.
2
For paragraph (1), substitute —
1
Subject to paragraph (1A) below, this regulation applies to the valuation of investments comprising securities and beneficial interests in limited partnerships and, for the purposes of paragraph (5) below, investments includes loans.
.
3
After paragraph (1), insert —
1A
This regulation shall not apply to the valuation of securities which are —
a
derivative contracts;
b
investments in dependants;
c
units or other beneficial interests in collective investment schemes, except as provided in regulation 52(2) below; or
d
contracts or assets having the effect of derivative contracts, except as provided in regulation 56(4) below.
.
4
In paragraph (4)(b), for the words “not greater” substitute “equal to or greater”.
Beneficial interests in collective investment schemes
7
1
Regulation 52 of the 1994 Regulations (beneficial interests in collective investment schemes) shall be amended as follows.
2
Renumber regulation 52, “52(1)”.
3
In the renumbered regulation 52(1), for the words “The value of any holding of units, or other beneficial interest, in a collective investment scheme shall be, in the case of”, substitute —
Subject to paragraph (3) below, this regulation applies to holdings of units or other beneficial interests in.
4
In the renumbered regulation 52(1), replace “; and” at the end of sub-paragraph (c)(iii) by a full stop and omit sub-paragraph (c)(iv) and the words from “the price at which” to the end of the paragraph.
5
After paragraph (1) insert —
2
The value of units or other beneficial interests in a collective investment scheme to which this regulation applies shall be —
a
where the issuer can be required to purchase the units or other beneficial interests from the holder upon the holder giving notice of one month or less, the price at which the issuer would have purchased the units or other beneficial interests on the relevant date or the most recent date before the relevant date on which it could have been required to make such a purchase; and
b
where the issuer cannot be required to purchase the units or other beneficial interests as set out in sub-paragraph (a) above, a value determined in accordance with regulation 51 above.
3
Other than as provided in regulation 56(4) below, this regulation shall not apply to units or other beneficial interests in a collective investment scheme which has the effect of a derivative contract.
.
Derivative contracts
8
For paragraph (1) of regulation 55 (derivative contracts), substitute —
1
The value of rights (other than rights to recover assets transferred by way of initial margin) under a derivative contract to which this regulation applies shall be —
a
in the case of a listed derivative contract, the market value; and
b
in the case of an unlisted derivative contract, the amount which would reasonably be paid by way of consideration for closing out that contract
in either case taking into account the market value of any assets which, at the relevant date, have been transferred by way of variation margin.
.
Contracts and assets having the effect of derivative contracts
9
1
Regulation 56 of the 1994 Regulations (contracts and assets having the effect of derivative contracts) shall be amended as follows.
2
In paragraph (1)(a), for the words “in the value of property of any description or fluctuations in an index of the value of property of any description;” substitute —
in —
i
the value of property of any description;
ii
an index of the value of property of any description;
iii
income from property of any description; or
iv
an index of income from property of any description;.
3
In paragraph (2), for the words “paragraph (a) of regulation 52”, substitute “regulation 52(1)(a)”.
4
For paragraph (4), substitute —
4
Rights in respect of a contract or asset which has the effect of a derivative contract to which regulation 55 above applies shall —
a
where the asset is a security, be valued in accordance with regulation 51 above;
b
where the asset comprises units or other beneficial interests in a collective investment scheme, be valued in accordance with regulation 52 above; and
c
where the asset is a debt or other right, be valued in accordance with regulation 48 above.
.
5
For paragraph (5), substitute —
5
Rights in respect of a contract or asset having the effect of a derivative contract to which regulation 55 does not apply shall have a value determined in accordance with regulation 48(11) above.
.
6
After paragraph (5) insert —
6
For the purposes of determining whether a contract or asset has the effect of a derivative contract to which regulation 55 applies, it shall be deemed to have the effect of a derivative contract which is listed or transacted with an approved counterparty if it is itself listed or so transacted.
.
Long term and general business
10
In paragraph (2) of regulation 60 (long term and general business), for the words “but save as” to the end of the paragraph substitute —
including all liabilities in respect of cumulative preference share capital but excluding other liabilities in respect of share capital.
.
Provision for adverse changes
11
1
Regulation 61 of the 1994 Regulations (provision for adverse changes) shall be amended as follows.
2
In paragraph (1), after the words “an obligation”, insert “to which this regulation applies”.
3
For paragraph (3), substitute —
3
For the purposes of this regulation —
“linked assets” has the meaning given in regulation 44(1) above;
“property linked liabilities” has the meaning given in paragraph 2 of Schedule 12 to these Regulations; and
“the amount of its excess assets” means the difference between the aggregate value of its assets (other than linked assets to the extent that they are held to match property linked liabilities), determined in accordance with Part VIII of these Regulations, and the amount of its liabilities (other than property linked liabilities or liabilities for which provision is made in accordance with this regulation).
.
4
After paragraph (3), insert —
4
Subject to paragraph (5) below, this regulation applies to an obligation —
a
under a contract relating to investments of the kinds mentioned in item C under the heading “Assets” in paragraph 9 of Part I of Schedule 9A to the Companies Act 1985 (whether such contract constitutes an asset or liability of the company);
b
undertaken for the purposes of, or in connection with the making of, investments of the kind mentioned in sub-paragraph (a) above; or
c
under a contract providing for the purchase, sale or exchange of currency.
5
This regulation shall not apply to a contract to the extent that it relates to, or is for the purposes of the making of an investment in, or is in connection with the making of an investment in, a building which is to be occupied by the company and used by the company for the conduct of its business.
.
Schedule 3
12
1
Paragraph 1 of Schedule 3 to the 1994 Regulations (general business solvency margin first method of calculation) shall be amended as follows.
2
After the definition of “gross premiums” insert —
“incepted” refers to the time when the liability to risk of a company under a contract of insurance commenced and, for this purpose, a contract providing continuous cover shall be deemed to commence on each anniversary date of the contract;.
3
For the definition of “receivable” substitute —
“receivable” in relation to an insurance company, a financial year and a premium means due to the company in respect of contracts of insurance incepted during that financial year, whether or not the premium is received during that financial year.
.
Schedule 10
13
1
Schedule 10 to the 1994 Regulations (permitted links) shall be amended as follows.
2
For paragraph 1, substitute —
1
Listed securities which are readily realisable, not being securities which are —
a
approved securities;
b
loans or deposits of the kinds mentioned in paragraphs 4 and 7 below;
b
units or other beneficial interests in a collective investment fund; or
d
derivative contracts.
.
3
For paragraph 2, substitute —
2
Unlisted securities which are readily realisable, not being securities which are —
a
approved securities;
b
loans or deposits of the kinds mentioned in paragraphs 4 and 7 below;
b
units or other beneficial interests in a collective investment fund; or
d
derivative contracts.
.
4
In paragraph 15(1)(b), for the words “the reference in regulation 55(7)(a)(i)”, substitute “the references in regulation 55”.
5
After paragraph 15 insert —
15A
In this Schedule —
“collective investment fund” includes a collective investment scheme; and
“readily realisable”, in respect of an investment, has the meaning set out in paragraph 2 of Schedule 12 to these Regulations.
.
6
In paragraph 16(a), after the words “fluctuations in the value of” insert “or fluctuations in the income from,”
7
In paragraph 16(b), for the words “unless these securities are realisable in the short term without any diminution in value”, substitute “in excess of 10 per cent. of the aggregate property linked benefits under the contract”.
Schedule 12
14
1
Schedule 12 of the 1994 Regulations shall be amended as follows.
2
For the definition of “index linked liabilities” in paragraph 2 of Part I, substitute
“index linked liabilities” means insurance liabilities in respect of index linked benefits,.
3
In the definition of “long term business amount” in paragraph 2 of Part I, after the words “insurance liabilities”, insert “in respect of long-term business”.
4
For the definition of “property linked liabilities” in paragraph 2 of Part I, substitute
“property linked liabilities” means insurance liabilities in respect of property linked benefits;.
5
In the definition of “readily realisable” in paragraph 2 of Part I, for the words “not more” substitute “an amount equal to or greater”.
6
In paragraph 4(b) of Part I, for the words “in sub-paragraph (d)” substitute “in sub-paragraph (e)”.
7
In paragraph 4(c)(ii) of Part I after the word “amount”, insert “or such lower amount as the company may decide”.
8
In paragraph 7(c) of Part I, after the word“counterparty”, insert “and it is prudent to assume that such disposal will take place”.
9
In paragraph 9(c) of Part I, after the word“counterparty”, insert “and it is prudent to assume that such disposal will take place”.
10
After paragraph 9 of Part I, insert —
Adjustments in respect of initial margins
9A
The figure arrived at under paragraphs 5 to 9 above in respect of assets of each description shall be increased by an amount representing the value of any assets of that description which have been transferred by the company by way of initial margin.
.
11
In paragraph 10 of Part I, for the words “paragraphs 6 to 9 above”, substitute “paragraphs 5 to 9A above”.
12
In paragraph 13 of Part I, for the words “paragraph (c) of regulation 52” substitute “regulation 52(1)(c)”.
13
For paragraph 14 of Part I, substitute —
14
Where an insurance company has rights in respect of an obligation to be fulfilled by a counterparty and —
a
the obligation is a secured obligation which —
i
is secured by cash deposited with, or a letter of credit established with, or securities issued by, or a guarantee provided by, an approved credit institution or an approved financial institution; and
ii
is due to be fulfilled within 12 months of the relevant date; or
b
the obligation is a secured obligation which is secured by listed securities which are readily realisable or by approved securities which in either case —
i
have been deposited with an approved credit institution, an approved financial institution or an approved investment firm; and
ii
are beneficially owned by the counterparty but will not be available for the benefit of creditors generally in the event of the winding-up of the counterparty,
the aggregation required by paragraph 13 above need not include the value of such rights.
.
14
In paragraph 16 of Part I, after the words “counterparty exposure”, in the third line, insert “limit” and for the words from “it shall only be required” to the end of the paragraph substitute —
it shall make the deduction required under regulation 57(1)(b) above only in respect of the circumstances leading to the greatest excess exposure.
.
15
For paragraph 17 of Part I, substitute —
17
Where there is exposure to a counterparty of the type mentioned in paragraph 4(c)(ii) above, 40 per cent. of the business amount shall be deducted from the aggregate of such exposures. The amount so arrived at shall be the excess concentration with a number of counterparties. Where this amount is negative it shall be taken to be zero. For the purposes of this paragraph —
a
exposure to a counterparty shall be taken into account only up to the level of the permitted counterparty exposure limit for that counterparty; and
b
exposure to a counterparty shall not be taken into account if it does not exceed 5 per cent. of the business amount; and
b
exposure to a counterparty shall not be taken into account if the corresponding permitted counterparty exposure limit does not exceed 5 per cent. of the business amount.
.
16
In paragraph 1 of Part II, after the words “number of pieces of land”, insert “(or an interest in such pieces of land)”.
17
After paragraph 1 of Part II, insert —
1A
A reversionary interest or a remainder not falling within paragraph 1 above.
1%.
18
In paragraph 11 of Part II, after the words “secured debt securities”, insert “, debt securities (other than hybrid securities) issued by a regulated institution” and for the words “paragraph (c) of regulation 52”, substitute“regulation 52 (l)(c)”.
19
In paragraph 12 of Part II, for the words “the descriptions in paragraph 11 above”, substitute “any of the descriptions in paragraphs 1A and 11 above”.
Transitional provision
15
Where an insurance company, pursuant to regulation 21 of the Insurance Companies (Amendment) Regulations 1995 , applies the provisions of the 1994 Regulations as if the provisions of the Insurance Companies (Amendment) Regulations 1995 had not been made, it shall, until 1st July 1996, apply the 1994 Regulations as if the provisions of these Regulations had not been made.
Anthony Nelson
Minister for Trade,
Department of Trade and Industry
24th March 1996


text:
Commencement and citation
1
This Order may be cited as the A41 Trunk Road (Barnet) Red Route (No. 1) Experimental Traffic Order 1996, and shall come into force on 19th January 1996.
Interpretation
2
In this Order —
a
a reference to an article or a schedule followed by a number is a reference to the article of, or the schedule to, this Order so numbered;
b
“carriageway” has the same meaning as in section 329(1) of the Highways Act 1980 ;
c
causing includes permitting;
d
“disabled person”, “disabled person’s badge” and “disabled person’s vehicle” have the same meanings as in regulation 2(1) of the Local Authorities' Traffic Orders (Exemptions for Disabled Persons) (England and Wales) Regulations 1986 , and “relevant position” in relation to a disabled person’s badge has the same meaning as in regulation 2A of those regulations;
e
“the trunk road red route” means the lengths of road specified in column 2 of the table in schedule 1;
f
“vehicle” includes part of a vehicle; and
g
an entry in column (3), (4) or (5) of an item in a schedule to this order applies to that column in subsequent items in that schedule.
General prohibition of stopping
3
1
Subject to the provisions of paragraphs (2) and (3) of this article, and of articles 4, 5, 6, 7, 8 and 9, no person shall cause any vehicle to stop in the trunk road red route during the restricted hours.
2
Subject to the provisions of paragraph (3) of this article, and of articles 5(1), 8 and 9, no person shall cause any vehicle to stop at any time in any lengths of the trunk road red route specified in schedule 4.
3
The controls specified in paragraphs (1) and (2) of this article do not apply in respect of any area of the trunk road red route specified in schedule 2A.
4
In this article “the restricted hours” means, in relation to a length of the trunk road red route specified in an item in column (2) of the table in schedule 1, the hours specified in that item in column (3) of the table.
5
In so far as the provisions of paragraph (1) of this article relate to a length of road which paragraph (2) of this article also relates, the provisions of paragraph (2) shall prevail.
Exemptions for parking
4
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle to be parked at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 2B during the hours specified in column (3) in that item for a period not exceeding the period specified in column (4) in that item, provided that not less than the period specified in column (5) in that item has elapsed since the vehicle was last parked on any part of the same length of road.
Miscellaneous exemptions for parking
5
1
Licensed taxi cabs: The controls specified in article 3(1) and (2) do not apply in respect of a person causing a vehicle being used under a licence under section 6 of the Metropolitan Public Carriage Act 1869 to be parked at the edge of the carriageway on a length of road specified in schedule 2D.
2
Coaches: The controls specified in article 3(1) do not apply in respect of a person causing a motor vehicle constructed or adapted to carry more than 8 passengers (exclusive of the driver) or a local bus (as defined in article 8(4)) not so constructed or adapted, to be parked at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 2E during the hours specified in column (3) in that item for a period not exceeding the period specified in column (4) in that item, provided that not less than the period specified in column (5) in that item has elapsed since the vehicle was last parked on any part of the same length of road.
3
Doctors' vehicles: The controls specified in article 3(1) do not apply in respect of a person causing a vehicle to be parked at the edge of the carriageway on that length of road specified in an item in column (2) of the table in schedule 2F during the hours specified in column (3) in that item, provided that —
a
there is displayed in the windscreen of the vehicle a badge issued by, or with the authority of, the Traffic Director for London to a medical practitioner, and which specifies —
i
the name of the person to whom it was issued, and
ii
the premises in relation to which it applies; and
b
the vehicle was parked by, or with the permission of, the person whose name is specified on the badge and for so long only as the person who parked the vehicle is engaged in work at the premises specified on the badge.
4
Solo motor bicycles: The controls specified in article 3(1) do not apply in respect of a person causing a motor bicycle without side-car to be parked at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 2G during the hours specified in column (3) in that item.
Exemptions for loading and unloading
6
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle which is being loaded or unloaded to stop at the edge of the carriageway on a length of road specified in an item in column (2) of the tables in schedules 3A and 3B during the hours specified in column (3) in that item for as long as is needed to load or unload the vehicle or 20 minutes, whichever is the less, provided that not less than 20 minutes has elapsed since the vehicle was last parked on any part of the same length of road.
Exemptions for disabled persons
7
1
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle which displays a disabled person’s badge in the relevant position to park at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 2B during the hours specified in column (3) in that item.
2
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle which displays a disabled person’s badge in the relevant position to park at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 2C during the hours specified in column (3) in that item.
3
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle which displays a disabled person’s badge in the relevant position, and a parking disc on which is shown the time at which the period of parking began, to park at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 3A during the hours specified in column (3) in that item, for a period of up to 3 hours not being a period separated by an interval of less than 1 hour from a previous period when that vehicle was parked in that length of road.
Exemptions at bus stops and stands
8
1
The controls specified in article 3(1) and (2) do not apply in respect of a person causing a vehicle to which this article applies to stop at a bus stop (being an area of road bounded by a traffic sign which includes the words “bus stop”) for so long only as may be required to enable passengers to get on or off the vehicle or, in the case of a vehicle being used to provide a local service, for so long only as may be required for a change of crew.
2
The controls specified in article 3(1) and (2) do not apply in respect of a person causing a vehicle being used to provide a local service to stop at a bus stand (being an area of road bounded by a traffic sign which includes the words “bus stand”) for so long only as may be required for timetabling reasons.
3
This article applies:
a
before 1 January 1997 to
i
a public service vehicle used for the provision of a local service or a scheduled express service,
ii
a school bus, and
iii
a works bus; and
b
after 31 December 1996 to
i
a motor vehicle constructed or adapted to carry more than 8 passengers (exclusive of the driver), and
ii
a local bus not so constructed or adapted.
4
In this article “local bus”, “local service”,“scheduled express service”, “school bus” and “works bus” have the meanings given to those expressions in regulation 4 of the Traffic Signs Regulations and General Directions 1994 .
Other exemptions
9
1
The controls specified in article 3(1) and (2) do not apply in respect of a person causing a vehicle to stop if that person is —
a
required by law to cause the vehicle to stop or not to proceed;
b
obliged to stop the vehicle so as to avoid an accident;
c
prevented from proceeding in the vehicle by circumstances beyond the person’s control;
d
getting or giving help in consequence of an accident or an emergency, or otherwise taking action for public safety;
e
opening or closing a gate or other barrier at the entrance to premises to which the vehicle is being driven or from which it has emerged if it is not reasonably practicable to cause the vehicle to stop elsewhere for the purpose;
f
using the vehicle for fire brigade, ambulance or police purposes;
g
using the vehicle in connection with the removal of any obstruction to traffic;
h
using the vehicle in connection with the maintenance, improvement or reconstruction of any length of road specified in schedule 1;
i
using the vehicle under a licence under section 6 of the Metropolitan Public Carriage Act 1869 to stop for so long only as may be required to enable a passenger to get on or off the vehicle; or
j
using a disabled person’s vehicle which displays a disabled person’s badge in the relevant position to stop for so long only as may be required to enable a disabled person to get on or off the vehicle.
2
The controls specified in article 3(1) and (2) do not apply in respect of a vehicle which bears the Royal Mail livery which is waiting at the edge of a carriageway for as long as may be necessary for the purpose of collecting or delivering letters in pursuance of any statutory duty of the Post Office to collect or deliver letters.
3
The controls specified in article 3(1) and (2) do not apply to anything done with the permission or at the direction of a police constable in uniform or a traffic warden.
Power to modify or suspend this Order
10
If it appears to the Traffic Director for London, or some person authorised by him, essential in the interests of the expeditious, convenient and safe movement of traffic, or of the provision of suitable and adequate parking facilities on the highway, or for preserving or improving the amenities of the area through which any road affected by this Order runs, and after consulting with the Commissioner of Police of the Metropolis, he may modify or suspend any provision of this Order, save that no modification shall make an addition.
Suspensions of existing Orders
11
1
Subject to paragraph (2) of this article, the Barnet (Waiting and Loading Restrictions) Order 1978 is hereby suspended, in so far as its provisions relate to any part of the trunk road red route.
2
The suspension specified in paragraph (1) of this article shall take effect in respect of any provision contained in the Barnet (Waiting and Loading Restrictions) Order 1978 only from the time at which the traffic sign indicating the effect of that provision has been obliterated.
Signed in accordance with a direction from the Secretary of State for Transport.
Derek Turner
Traffic Director for London
5th January 1996


text:
Citation and commencement
1
This Order may be cited as the Local Government Act 1988 (Defined Activities) (Exemption) (London Borough of Bexley) Order 1996 and shall come into force on 17th July 1996.
Exemption
2
The management of sports and leisure facilities by the London Borough of Bexley shall not be treated as a defined activity so long as it is undertaken at Barnehurst Golf Course, Mayplace Road East, Bexley Heath, Kent, before 19th October 1996.
Signed by authority of the Secretary of State
Paul Beresford
Parliamentary Under-Secretary of State,
Department of the Environment.
17th June 1996


text:
Citation and commencement
1
These Regulations may be cited as the Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) (Amendment) Regulations 1996 and shall come into force on 1st January 1997.
Interpretation
2
In these Regulations “the principal Regulations ” means the Retirement Benefits Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 and, except where the context otherwise requires, “regulation” means a regulation of the principal Regulations.
Amendments to the principal Regulations
3
In regulation 2(1) —
a
after the definition of “approved scheme” there shall be inserted the following definition —
“bad investment advice” means investment advice in respect of which an action against the person who gave it has been, or may be, brought —
in or for negligence;
for breach of contract;
by reason of a breach of a fiduciary obligation; or
by reason of a contravention which is actionable under section 62 of the Financial Services Act 1986 ;
;
b
after the definition of “business” there shall be inserted the following definitions —
“investment advice” means advice such as is mentioned in paragraph 15 of Schedule 1 to the Financial Services Act 1986;
“personal pension scheme” has the meaning given by section 630 (1) of the Taxes Act ;
c
after the definition of “the Schedule” there shall be inserted the following definition —
“the Taxes Act” means the Income and Corporation Taxes Act 1988 .
4
For the words “Income and Corporation Taxes Act 1988”, in each place where they occur in the principal Regulations other than in the definition of “the Taxes Act” in regulation 2(1) (inserted by regulation 3(c) of these Regulations), there shall be substituted the words “Taxes Act”.
5
In regulation 3 —
a
in paragraph (2) for sub-paragraph (b) there shall be substituted the following sub-paragraph —
b
the employee —
i
became a member of the scheme on or after 1st June 1989 and within the period of three months following the commencement of the employment, or
ii
acting in reliance on bad investment advice given on or after that date and within that period, did not become a member of the scheme but became a member of a personal pension scheme on or after that date and within that period;
;
b
in paragraph (3) for sub-paragraph (b) there shall be substituted the following sub-paragraph —
b
the employee —
i
became a member of the scheme within the period of three months following that date, or
ii
acting in reliance on bad investment advice given within that period, did not become a member of the scheme but became a member of a personal pension scheme on or after that date and within that period;
.
6
After regulation 3 there shall be inserted the following regulations —
Disapplication of paragraphs 20 and 22 to 26 of the Schedule - further provision
3A
1
Paragraphs 20 and 22 to 26 of the Schedule shall not apply as regards an employee in the circumstances prescribed in paragraph (2) below.
2
The circumstances prescribed in this paragraph are circumstances where —
a
the employee either —
i
was eligible, or reasonably likely to become eligible, to be a member of a scheme before 1st June 1989 but, in the circumstances specified in paragraph (3) below, did not become a member, or
ii
became a member of a scheme before that date but, in the circumstances specified in paragraph (4) below, ceased to be a member; and
b
by way of compensation for loss suffered, or reasonably likely to be suffered, by the employee as a result of the circumstances specified in paragraph (3) or (4) below —
i
the employee becomes or, as the case may be, is reinstated as, a member of that scheme, or becomes a member of another scheme established by the employer or by an employer who was a relevant employer in relation to that employer, and
ii
a capital sum is paid on or after 1996 (whether or not to the trustees of the scheme) in respect of the employee.
3
The circumstances specified in this paragraph are circumstances where, acting in reliance on bad investment advice at least some of which was given during the period beginning with 29th April 1988 and ending with 31st May 1989, the employee became a member of a personal pension scheme or entered into a retirement annuity contract.
4
The circumstances specified in this paragraph are circumstances where, acting in reliance on bad investment advice at least some of which was given during the period beginning with 29th April 1988 and ending with 30th June 1994, the employee —
a
ceased to be a member of, or to pay contributions to, the scheme and instead became a member of a personal pension scheme or entered into a retirement annuity contract;
b
ceased to be a member of the scheme as a result of the transfer of accrued rights of his under the scheme to a personal pension scheme; or
c
ceased to be a member of the scheme and instead (by virtue of such a provision as is mentioned in section 591 (2) (g) of the Taxes Act ) entered into arrangements for securing relevant benefits by means of an annuity contract.
5
In this regulation —
“relevant benefits” has the meaning given by section 612(1) of the Taxes Act;
“retirement annuity contract” means a contract made before 1st July 1988 and approved by the Board under or by virtue of any provision of Chapter III of Part XIV of the Taxes Act.
Disapplication of paragraph 21 of the Schedule
3B
1
Paragraph 21 of the Schedule shall not apply as regards an employee in the circumstances prescribed in paragraph (2) below and as respects the year or years of assessment specified in paragraph (3) below.
2
The circumstances prescribed in this paragraph are circumstances where —
a
an employee is admitted to membership of the scheme,
b
benefits are to be provided under the scheme in respect of years of service of the employee ending prior to the year of assessment in which he is admitted to membership of the scheme,
c
under the rules of the scheme the employee is required to contribute towards the cost of those benefits, and
d
the annual rate, expressed as a monetary sum or as a percentage of his remuneration, that the employee is required to contribute under the rules of the scheme towards the cost of those benefits either —
i
is the same as the annual rate that he would have been required to contribute under those rules towards the cost of those benefits if he had been a member of the scheme in the years of service in respect of which those benefits are to be provided, or
ii
is the same as the annual rate that he is required to contribute under those rules towards the cost of benefits accruing in respect of his current year of service.
3
The year or years of assessment specified is the year or years of assessment in which the employee makes the contributions referred to in paragraph (2)(c) above.
S C T Matheson
G H Bush
Two of the Commissioners of Inland Revenue
9th December 1996


text:
Title and commencement
1
This Order may be cited as the Food Protection (Emergency Prohibitions) (Oil and Chemical Pollution of Fish and Plants) (Partial Revocation No. 5) Order 1996 and shall come into force on 12th September 1996.
Partial Revocation
2
1
The Food Protection (Emergency Prohibitions) (Oil and Chemical Pollution of Fish and Plants) Order 1996 is hereby revoked with respect to the part of the area designated by that Order which is described in Part I of the Schedule to this Order.
2
In consequence of that revocation that Order shall be amended by substituting for the area described in the Schedule the area described in Part II of the Schedule to this Order.
Signed by authority of the Secretary of State for Wales
Jonathan Evans
Parliamentary Under Secretary of State,
Welsh Office
11th September 1996


text:
1
This Order may be cited as the Road Traffic (Driving Instruction by Disabled Persons) Act 1993 (Commencement) Order 1996.
2
The Road Traffic (Driving Instruction by Disabled Persons) Act 1993 shall come into force on 9th September 1996.
Signed by authority of the Secretary of State for Transport
Steven Norris
Parliamentary Under Secretary of State,
Department of Transport
23rd July 1996


text:
Citation, commencement and interpretation
1
1
These Regulations may be cited as the Children (Homes and Secure Accommodation) (Miscellaneous Amendments) Regulations 1996 and shall come into force on 1st April 1996.
2
In these Regulations —
“the principal Regulations ” means the Children’s Homes Regulations 1991; and
“the Secure Accommodation Regulations ” means the Secure Accommodation Regulations 1991 .
Amendment of regulation 2 of the principal Regulations
2
In regulation 2 of the principal Regulations (interpretation) for the definition of “maintained community home” there shall be substituted the following definition —
“maintained community home” means a community home provided, equipped and maintained by a local authority pursuant to section 53(3)(a) of the Act (provision of community homes by local authorities) and managed —
by that authority pursuant to that section,
by, or by the employees of, a person authorised in that behalf by a local authority pursuant to the Contracting Out (Management Functions in relation to certain Community Homes) Order 1996 , or
where an arrangement has been made by a local authority with another person in accordance with section 53(3A) of the Act , by that person;
.
Amendment of the Secure Accommodation Regulations
3
In regulation 17 of the Secure Accommodation Regulations (records to be kept in respect of a child in secure accommodation etc. ) —
a
for the words “the local authority which manages” there shall be substituted the words “the person, organisation or local authority which manages”, and
b
in paragraph (b), for the words “any other local authority” there shall be substituted the words “the local authority”.
Signed by authority of the Secretary of State for Health
John Bowis
Parliamentary Under Secretary of State
Department of Health
11th March 1996


text:
1
This Order may be cited as the Environmentally Sensitive Areas (Breadalbane) Designation (Amendment) Order 1996 and shall come into force on 1st April 1996.
2
1
The Environmentally Sensitive Areas (Breadalbane) Designation Order 1992 shall be amended in accordance with the following provisions of this article.
2
In the Schedule there shall be added after the word “interest” at the end of paragraph 10(b)(vi) the following: —
; and
vii
if the farmer so wishes, a grazing plan and other measures necessary to conserve, enhance or extend water margins, the width of which must be at least 6 metres.
.
Lindsay
Parliamentary Under Secretary of State, Scottish Office
St Andrew’s House,
Edinburgh
4th March 1996
We consent,
Simon Burns
Bowen Wells
Two of the Lords Commissioners of Her Majesty’s Treasury
8th March 1996


text:
Citation, Commencement and Application
1
1
This Order may be cited as the South Gloucestershire District Council (Staff Transfer) Order 1996 and shall come into force on 1st April 1996.
2
This Order makes provisions which are consequential or supplementary to the Avon (Structural Change) Order 1995 .
Interpretation
2
In this Order —
“contract of employment” means a contract under which a person works for another person whether under a contract of service or apprenticeship or otherwise but does not include a contract for services;
“employee” means a person employed under a contract of employment including a person employed under a fixed term contract the expiry date for which is after 31st March 1996, but does not include a person whose employment is on a temporary basis and who on 31st March 1996 has had a continuous period of employment (when calculated in accordance with section 151 of, and Schedule 13 to, the Employment Protection (Consolidation) Act 1978 ) of less than two years.
Transfer of Staff
3
1
This article shall apply to any employee (a “designated employee”) who —
a
immediately before 1st April 1996 (“the reorganisation date”) was employed by the Kingswood Borough Council or the Northavon District Council;
b
whose employment would continue but for the abolition of those two councils; and
c
whose name is not mentioned in the Schedule to this Order.
2
The contract of employment of a designated employee shall not be terminated on the reorganisation date but shall have effect as if originally made between that employee and the South Gloucestershire District Council.
3
This article is without prejudice to any provision of the Transfer of Undertakings (Protection of Employment) Regulations 1981


text:
Citation and commencement
1
These Regulations may be cited as the River Stinchar Salmon Fishery District (Baits and Lures) Regulations 1996 and shall come into force on 1st January 1997.
Specification of baits and lures and area of application
2
1
Natural prawns and shrimps (whether fresh or preserved, dyed or natural colour) and any part thereof are hereby specified as baits and lures for the purposes of the definition of “rod and line” in section 24(1) of the Salmon and Freshwater Fisheries (Protection) (Scotland) Act 1951 .
2
These Regulations shall apply to the River Stinchar Salmon Fishery District.
D R Dickson
Assistant Secretary, Scottish Office
Pentland House,
Edinburgh
14th October 1996


text:
Citation, commencement and interpretation
1
1
These Regulations may be cited as the Education (School Performance Information) (England) (Amendment) Regulations 1996 and shall come into force on 11th July 1996.
2
Any reference in these Regulations to the principal Regulations is a reference to the Education (School Performance Information) (England) Regulations 1994 .
Amendment of the principal Regulations
2
1
Schedule 1 to the principal Regulations shall be amended as follows.
2
In paragraphs 2(1)(i) of Part I, 2B(1)(i) of Part IA and 4(1)(i) of Part II there shall be substituted for the number “10” the words “National Curriculum”.
3
There shall be substituted for paragraphs 3 and 4 of Part I of Schedule 2 to the principal Regulations the following paragraphs —
3
The number of pupils aged 15 who, during the reporting school year, were registered for or studying towards —
a
a General National Vocational Qualification, or units of such a qualification, awarded by the Business and Technology Education Council, the City and Guilds of London Institute or the Royal Society of Arts Examinations Board and approved by the Secretary of State under section 5 of the 1988 Act;
b
a National Vocational Qualification, or units of such a qualification, awarded by the City and Guilds of London Institute, the Royal Society of Arts Examination Board, the Pitman Examination Institute or the London Chamber of Commerce and Industry Examination Board and approved by the Secretary of State under section 5 of the 1988 Act;
c
the Diploma of Vocational Education of the City and Guilds of London Institute approved by the Secretary of State under section 5 of the 1988 Act; or
d
the Initial Awards of the Royal Society of Arts Examination Board approved by the Secretary of State under section 5 of the 1988 Act.
4
The number of pupils mentioned in paragraph 3 who, during the reporting school year, achieved, as the case may be, the qualification, or all units studied for in relation to that qualification, the Diploma or Initial Awards for which they were entered.
.
4
In paragraph 7(a)(i) of Part II of Schedule 2 to the principal Regulations there shall be inserted after the words “Royal Society of Arts” the words “Examination Board”.
5
After paragraph 7 there shall be inserted the following paragraph —
7A
During the reporting school year —
a
the number of pupils aged 16, 17 or 18 who were in the final year of study of a course leading to —
i
an Intermediate General Vocational Qualification awarded by the Business and Technology Education Council, the City and Guilds of London Institute or the Royal Society of Arts Examination Board;
ii
the First Certificate or Diploma of the Business and Technology Education Council; or
iii
the Diploma of Vocational Education of the City and Guilds of London Institute at intermediate level; and
b
the number of those pupils achieving those qualifications wholly or partly on the basis of work done in that year.
.
Henley
Minister of State,
Department for Education and Employment
20th June 1996


text:
Commencement and citation
1
This Order may be cited as The A23 Trunk Road (Croydon) Red Route (Clearway) Traffic Order 1996, and shall come into force on 16th December 1996.
Interpretation
2
In this Order —
a
a reference to an article or a schedule followed by a number is a reference to the article of, or the schedule to, this Order so numbered;
b
“carriageway” has the same meaning as in section 329(1) of the Highways Act 1980 ;
c
causing includes permitting;
d
“disabled person”, “disabled person’s badge” and “disabled person’s vehicle” have the same meanings as in regulation 2(1) of the Local Authorities' Traffic Orders (Exemptions for Disabled Persons) (England and Wales) Regulations 1986 ,and “relevant position” in relation to a disabled person’s badge has the same meaning as in regulation 2A of those regulations;
e
“the trunk road red route clearway” means the lengths of road specified in column (2) of the table in schedule 1;
f
“vehicle” includes part of a vehicle; and
g
an entry in column (3), (4) or (5) of an item in a schedule to this order applies to that column in subsequent items in that schedule.
General prohibition of stopping
3
1
Subject to the provisions of paragraph (2) of this article, and of articles 4, 5, 6, 7, 8 and 9, no person shall cause any vehicle to stop at any time in the trunk road red route clearway.
2
Not taken up.
Exemptions for parking
4
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle to be parked at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 3A during the hours specified in column (3) in that item for a period not exceeding the period specified in column (4) in that item, provided that not less than the period specified in column (5) in that item has elapsed since the vehicle was last parked on any part of the same length of road.
Miscellaneous exemptions for parking
5
1
Not taken up.
2
Not taken up.
3
Not taken up.
4
Not taken up.
Exemptions for loading and unloading
6
Not taken up.
Exemptions for disabled persons
7
1
The controls specified in article 3(1) do not apply in respect of a person causing a disabled person’s vehicle which displays a disabled person’s badge in the relevant position to park at the edge of the carriageway on a length of road specified in an item in column (2) of the table in schedule 3A during the hours specified in column (3) in that item.
2
Not taken up.
3
Not taken up.
Exemptions at bus stops and stands
8
1
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle to which this article applies to stop at a bus stop (being an area of road bounded by a traffic sign which includes the words “bus stop”) for so long only as may be required to enable passengers to get on or off the vehicle or, in the case of a vehicle being used to provide a local service, for so long only as may be required for a change of crew.
2
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle being used to provide a local service to stop at a bus stand (being an area of road bounded by a traffic sign which includes the words “bus stand”) for so long only as may be required for timetabling reasons.
3
This article applies —
a
before 1 January 1997 to
i
a public service vehicle used for the provision of a local service or a scheduled express service,
ii
a school bus, and
iii
a works bus; and
b
after 31 December 1996 to
i
a motor vehicle constructed or adapted to carry more than 8 passengers (exclusive of the driver), and
ii
a local bus not so constructed or adapted;
4
In this article “local bus”, “local service”, “scheduled express service”, “school bus” and “works bus” have the meanings given to those expressions in regulation 4 of the Traffic Signs Regulations and General Directions 1994 .
Other exemptions
9
1
The controls specified in article 3(1) do not apply in respect of a person causing a vehicle to stop if that person is —
a
required by law to cause the vehicle to stop or not to proceed;
b
obliged to stop the vehicle so as to avoid an accident;
c
prevented from proceeding in the vehicle by circumstances beyond the person’s control;
d
getting or giving help in consequence of an accident or an emergency, or otherwise taking action for public safety;
e
opening or closing a gate or other barrier at the entrance to premises to which the vehicle is being driven or from which it has emerged if it is not reasonably practicable to cause the vehicle to stop elsewhere for the purpose;
f
using the vehicle for fire brigade, ambulance or police purposes;
g
using the vehicle in connection with the removal of any obstruction to traffic;
h
using the vehicle in connection with the maintenance, improvement or reconstruction of any length of road specified in schedule 1;
i
using the vehicle under a licence under section 6 of the Metropolitan Public Carriage Act 1869 to stop for so long only as may be required to enable a passenger to get on or off the vehicle; or
j
using a disabled person’s vehicle which displays a disabled person’s badge in the relevant position to stop for so long only as may be required to enable a disabled person to get on or off the vehicle.
2
The controls specified in article 3(1) do not apply in respect of a vehicle which bears the Royal Mail livery which is waiting at the edge of a carriageway for as long as may be necessary for the purpose of collecting or delivering letters in pursuance of any statutory duty of the Post Office to collect or deliver letters.
3
The controls specified in article 3(1) do not apply to anything done with the permission or at the direction of a police constable in uniform or a traffic warden.
Revocation of existing Orders
10
1
Subject to paragraph (2) of this article, The A23 Trunk Road (Croydon) Red Route (Clearway) Experimental Traffic Order 1995 is hereby revoked.
TRO243
Signed in accordance with a direction from the Secretary of State for Transport.
Derek Turner
Traffic Director for London
29th November 1996


text:
Citation, commencement and interpretation
1
1
This Order may be cited as the Wandsworth Community Health National Health Service Trust (Transfer of Trust Property) Order 1996, and shall come into force on 31st July 1996.
2
In this Order —
“the Authority” means the Merton, Sutton and Wandsworth Health Authority established on 1st April 1996 ;
“the old Authority” means the Merton, Sutton and Wandsworth Health Authority established on 1st April 1994 and abolished on 1st April 1996 ;
“the Trust” means the Wandsworth Community Health National Health Service Trust;
“the trust property” means the items specified in a schedule of trust property prepared by and agreed upon by the old Authority and the Trust on 15th March 1996, which schedule has been signed on behalf of both the old Authority and the Trust.
Transfer of trust property
2
On 31st July 1996 the trust property shall be transferred from the Authority to the Trust.
Signed by authority of the Secretary of State for Health
John Horam
Parliamentary Under Secretary of State
Department of Health
2nd July 1996