The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 1995

Amendment of regulation 30 of the Occupational Pension Schemes (Contracting-out) Regulations 1984

2.  In regulation 30 of the Occupational Pension Schemes (Contracting-out) Regulations 1984(1) (means of securing guaranteed minimum pensions)—

(a) in paragraph (2), for sub-paragraph (b) there shall be substituted the following sub-paragraph—

“(b) in the case of a policy of insurance or annuity contract, that the policy is taken out, or the contract is entered into, with—

(i) an insurance company which is authorised under section 3 or 4 of the Insurance Companies Act 1982(2) to carry on ordinary long-term insurance business as defined in that Act; or

(ii) an EC company as defined in section 2(6) of the Insurance Companies Act 1982(3) falling within paragraph (4) below; or

(iii) 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2 to that Act provided that the terms of such a policy or such a contract are not capable of being amended, revoked or rescinded.”;

(b) after paragraph (3) there shall be inserted the following paragraph—

“(4) An EC company falls within this paragraph if it—

(a) 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 the Insurance Companies Act 1982 as are applicable have been complied with; or

(b) provides ordinary long-term insurance in the United Kingdom and such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with in respect of the insurance.”.

(1)

S.I. 1984/380; relevant amending instruments are S.I. 1991/2273 and 1994/1062.

(2)

1982 c. 50.

(3)

Section 2(6) was inserted by regulation 4(2) of S.I. 1994/1696. See also regulation 3 of S.I. 1994/3132 which extends the meaning of “Member State”.

(4)

1992 c. 40.