(This note is not part of the Order)

Article 2 of this Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) ("the Principal Order") by substituting new articles for article 52 (establishing etc. a stakeholder pension scheme) and article 82 (rights under a stakeholder pension scheme). Under article 52 as substituted, establishing, operating or winding up a personal pension scheme (as well as establishing etc. a stakeholder pension scheme) is a regulated activity for the purposes of the Financial Services and Markets Act 2000 (c. 8) ("the Act"). Under article 82 as substituted, rights under a personal pension scheme become investments falling within the scope of regulation under the Act.

Article 3 contains transitional arrangements for authorised persons with existing permissions under Part 4 of the Act. Where an existing permission allows the authorised person to establish etc. a stakeholder pension scheme, the authorised person is treated as having permission also for the activity of establishing etc. a personal pension scheme from the date this Order comes into force (6th April 2007). Where the authorised person has permission to carry on activities listed in article 3(3) in relation to the specified investment of rights under a stakeholder pension scheme, he is to be treated as having permission to carry on those activities in relation to the new specified investment of rights under a personal pension scheme from the date this Order comes into force.