Section 33 | Overseas pension schemes established in EEA states

(1)The Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 (S.I. 2006/206) are amended as follows.

(2)In regulation 2 (requirements of an overseas pension scheme), in paragraph (2), for sub-paragraphs (a) to (d) substitute—

(a)the scheme is an occupational pension scheme and—

(i)the scheme is regulated by a body in the country or territory in which the scheme is established that regulates occupational pension schemes, or

(ii)there is no body in that country or territory that regulates occupational pension schemes;

(b)the scheme is not an occupational pension scheme and the scheme is regulated by a body in the country or territory in which the scheme is established that regulates pension schemes that are not occupational pension schemes; or

(c)the scheme is not an occupational pension scheme and—

(i)there is no body in the country or territory in which the scheme is established that regulates pension schemes that are not occupational pension schemes, but

(ii)the establishment of the scheme was regulated, and the provision of the scheme is regulated, by a body in that country or territory that regulates providers of pension schemes.

(3)In regulation 3 (recognised overseas pension schemes: prescribed countries or territories and prescribed requirements), in paragraph (2) (prescribed countries) omit sub-paragraphs (a) and (b).

(4)Subsections (1) to (3) come into force on 6 April 2025.