PERG 12.1 Background
1Q1. What is the purpose of these questions and answers ('Q&As') and who should be reading them?
These Q&As are aimed at, and should be read by, persons involved in the running of a personal pension scheme and those who give advice about or provide services to such schemes. They are intended to help such persons understand whether they will be carrying on a regulated activity and need authorisation or exemption under section 19 of the Financial Services and Markets Act 2000 following the changes to pension legislation that are proposed to take1 effect on 6 April 2007 Under the proposed changes, establishing, operating or winding up a personal pension scheme will become a regulated activity and rights under a personal pension scheme will become a specified investment. The Q&As complement the general guidance on regulated activities which is in Chapter 2 of our Perimeter Guidance manual ('PERG') and the general guidance about pensions-related activities which is in Chapter 10 of PERG.
The Q&As are set out under five sections:
- the scope of the proposed new regulated activity of establishing, operating or winding up a personal pension scheme (PERG 12.2);
- the implications of the proposed new specified investment of rights under a personal pension scheme (PERG 12.3);
- the application of EU Directives (PERG 12.4);
- financial promotion issues (PERG 12.5); and
- practical transitional considerations (PERG 12.6).