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

Amendment of the Money Purchase Contracted-out Schemes Regulations 1987

4.  In the Money Purchase Contracted-out Schemes Regulations 1987(1)—

(a) in regulation 1(2)—

(i) for the definition of “Friendly Society” there shall be substituted the following definition—

• ““Friendly Society” has the same meaning as in the Friendly Societies Act 1992 (including any society which by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act);”;

(ii) for the definition of “recognised Stock Exchange” there shall be substituted the following definition—

““recognised Stock Exchange” means a stock exchange which is a regulated market;”;

(iii) after the definition of “recognised Stock Exchange” there shall be inserted the following new definition—

• ““regulated market” has the meaning assigned to that expression by regulation 44 of the Insurance Companies Regulations 1994(2);”;

(b) in the Schedule—

(i) in paragraph 1, for sub-paragraph (a) there shall be substituted the following sub-paragraph—

“(a) issued by—

(i) an insurance company which is authorised under section 3 or 4 of the Insurance Companies Act 1982 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 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 as are applicable have been complied with; or

(iii) an EC company as defined in section 2(6) of the Insurance Companies Act 1982 which provides ordinary long-term insurance in the United Kingdom provided that such of the requirements of Part I of Schedule 2F to that Act as are applicable have been complied with in respect of the insurance; or

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

and which are—”;

(ii) for paragraph 2, there shall be substituted the following paragaph—

“2.   The units of—

(a) any unit trust scheme which has been authorised under section 78(1) of, or by virtue of paragraph 9 of Schedule 15 to, the Financial Services Act 1986(3); or

(b) any undertaking for collective investment in transferable securities which is an undertaking authorised by the competent authority of a member State under Article 4 of Council Directive 85/611/EEC(4) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.”;

(iii) in paragraph 9, for the words “not authorised under section 78(1) of, or by virtue of paragraph 9 of Schedule 15 to, the Financial Services Act 1986” there shall be substituted the words “other than a unit trust scheme or an undertaking for collective investment specified in paragraph 2 of this Schedule”.

(1)

S.I. 1987/1101; relevant amending instruments are S.I. 1988/474 and 1990/1141.

(2)

S.I. 1994/1516.

(3)

1986 c. 60.

(4)

O.J. No. L 375, 31.12.85, p. 3.