PART 9AMENDMENTS TO SECONDARY LEGISLATION

The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996 (S.I. 1996/1216)

Interpretation of the 1996 Regulations524

1

Regulation 2 of the Occupational Pension Schemes (Member-Nominated Trustees and Directors) Regulations 1996 (General interpretation) is amended as follows.

2

In paragraph (1) of that regulation—

a

after the definition of “independently selected” insert—

  • “insurer” means—

    1. a

      a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or

    2. b

      an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

b

in the definition of “relevant wholly insured scheme”338 for “an insurance company (as defined in section 96(1) of the Insurance Companies Act 1982)” substitute “an insurer”.

3

After paragraph (1) of that regulation insert—

1A

The definition of “insurer” in paragraph (1) must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; or

c

Schedule 2 to that Act.