The Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997

Insurance companies that may provide protected rights by way of annuities

11.  For the purposes of section 25(3) (annuity complies with the annuity requirements if it is provided by an insurance company which satisfies prescribed conditions) the prescribed conditions are that the insurance company—

(a) (i) is authorised under section 3 or 4 of the Insurance Companies Act 1982(1) to carry on ordinary long term insurance business as defined in that Act;

(ii) is an EC company as defined in section 2(6) of that Act(2) which carries on ordinary long term insurance business in the United Kingdom through a branch in respect of which such of the requirements of Part I of Schedule 2F to that Act(3) as are applicable have been complied with;

(iii) is an EC company as defined in section 2(6) of that Act which provides ordinary long term insurance in the United Kingdom and has complied with such of the requirements of Part I of Schedule 2F to that Act as are applicable in respect of the insurance; or

(iv) is a friendly society which is authorised under section 32 of the Friendly Societies Act 1992(4) to carry on long term business under any of the Classes specified in Head A of Schedule 2 to that Act;

(b) offers annuities, with a view to purchase of those annuities by schemes in order to give effect to the protected rights of their members, without having regard to the sex or, except to the extent allowed under regulation 4(2)(b), to the marital status of the members either in making the offers or in determining the rates at which the annuities are paid; and

(c) where annuities are issued by a friendly society as described in paragraph (a)(iv), provides that the terms of the annuities are not capable of being amended, revoked or rescinded.

(1)

1982 c. 50

(2)

Section 2(6) was inserted by regulation 4(2) of S.I.1994/1696

(3)

Schedule 2F was inserted by regulation 45 of S.I.1994/1696

(4)

1992 c. 40; subsection (4) was substituted by regulation 4 of S.I. 1994/1984