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

Amendment of regulation 9 of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987

6.  In regulation 9 of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987(1) (insurance companies that may provide protected rights by way of annuities)—

(a) for paragraph (a) there shall be substituted the following paragraph—

“(i) 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) is 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) is 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 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 to carry on long term business under any of the Classes specified in Head A of Schedule 2 to that Act; and”;

(b) at the end of paragraph (b) there shall be added the word “and” and following that paragraph, there shall be added the following new paragraph—

“(c) here the annuities are issued by a friendly society as described in sub-paragraph (a)(iv) above, the terms of the annuities are not capable of being amended, revoked or rescinded.”.

(1)

S.I. 1987/1117; relevant amending instruments are S.I. 1988/474 and 1994/1062.