12(1)Section 49 of the Pensions Act 1995 (other responsibilities of trustees, employers, etc.) is amended as follows.
(2)In each of subsections (1) and (5) (money to be kept by trustees or employers in accounts with institutions authorised under the [1987 c. 22.] Banking Act 1987), for “an institution authorised under the Banking Act 1987” substitute “a relevant institution”.
(3)After subsection (1) insert—
“(1A)In this section “relevant institution” means—
(a)an institution authorised under the Banking Act 1987;
(b)an institution within any of paragraphs 1 to 6 of Schedule 2 to that Act (institutions not requiring authorisation); or
(c)a European authorised institution within the meaning of the [S.I. 1992/3218] Banking Coordination (Second Council Directive) Regulations 1992 which may lawfully accept deposits in the United Kingdom in accordance with those regulations.”