Self invested personal pensions - applying for a variation of permission

The Treasury has made transitional provisions that allow an authorised firm with a stakeholder pension scheme related permission (Articles 52 or 82 of the Regulated Activities Order) to carry on those activities in relation to personal pension schemes from 6 April 2007 without having to apply to us to do so. Instead we will automatically add a matching personal pension activity or investment type to your firm's permission from 6 April 2007.

However, you have the option to tell us if you do not want this extra permission (for example, if your firm does not intend to operate a personal pension scheme or advise on personal pensions including SIPPs).

To tell us that you do not want this extra permission:

• complete this personal pension permissions opt out form; and
• email it to the address shown on the form before 23 March 2007.

To agree the proposed change to your firm's permission:

• do nothing; and
• check, if you want to, that the change has taken place to your firm's permission on the FSA Register after 6 April 2007.

For your firm to be authorised to establish operate or wind up a personal pension scheme or advise on personal pensions including SIPPs after 5 April 2007 you must apply for a variation of permission (VOP).

Complete the variation of permission application form. You can apply from 2 October 2006.

Is there a fee?
Guidance on fees is in the application form.

What do I need to change on my firm's permissions?
Guidance on what you need to apply for is in the application form.

Do you need approved persons?
If your firm wants to advise on personal pensions it must have individuals approved to perform the following controlled functions:

• CF21 (Investment adviser) - in relation to the regulated activity 'Advising on investments (except on pension transfers and pension opt outs); and / or
• CF24 (Pensions transfer specialist) – in relation to the regulated activity 'Advising on pension transfers and pension opt outs'.

If your firm wishes to be authorised for the regulated activity of establishing, operating or winding up a personal pension scheme it must have an individual approved to perform the controlled function CF11 – Money laundering reporting.

If no individuals at your firm are approved to perform these controlled functions, you must apply for the relevant individuals to become approved by completing and sending in an approved persons Form A.

If an individual is already an approved person to perform other controlled functions, please complete a shortened Form A (this is explained on the form).

Interim permission

It has been recognised that there will be firms engaged in personal pension activity without a stakeholder pension scheme related permission as at 1 October 2006 who will want to continue doing so after 5 April 2007.

In its document: 'Proposed changes to the eligibility rules for establishing a pension scheme: Government response to the consultation', the Treasury indicated that it will provide interim permission for these firms who have applied for but not been granted the necessary variation of permission by 6 April 2007. However, such firms will need to satisfy specific conditions which will be outlined in the Treasury's amending legislation.

Interim permission will allow a firm to continue to carry on the personal pensions activity for which it has applied until its application has been finally determined. A firm's status as interim permitted will be displayed on our website and can be viewed by the public.

You must apply to vary your firm's permission before 23 March 2007 to take advantage of this interim permission.

For your firm to be authorised to operate a personal pension scheme or advise on personal pensions including SIPPs from 6 April 2007 you must apply for a variation of permission (VOP).

Complete the variation of permission application form. You can apply from 2 October 2006 for this change to be effective from 6 April 2007.

Is there a fee?
Guidance on fees is in the application form.

What do I need to change on my firm's permissions?
Guidance on what you need to apply for is in the application form.

Do you need approved persons?
If your firm will be advising on personal pensions it must have individuals approved to perform the following controlled functions:

• CF21 (Investment adviser) - in relation to the regulated activity 'Advising on investments (except on pension transfers and pension opt outs); and / or
• CF24 (Pensions transfer specialist) – in relation to the regulated activity 'Advising on pension transfers and pension opt outs'.

If your firm will be carrying on the regulated activity of establishing, operating or winding up a personal pension scheme it must have an individual approved to perform the controlled function CF11 – Money laundering reporting.

If no individuals at your firm are approved to perform these controlled functions you must apply for the relevant individuals to become approved to do so by completing and sending in an approved persons Form A.

If an individual is already an approved person to perform other controlled functions, a shortened Form A can be completed (and this is explained on the form).

Interim permission

An interim permission is not applicable to firms who have not started to operate a personal pension scheme or to advise on personal pensions on or before 1 October 2006.