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The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

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Additional voluntary contributions

105.  (1)  Section 9A(1) of the Resident Magistrates' Pensions Act (Northern Ireland) 1960 (additional voluntary contributions) is amended as follows.

(2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii)the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;.

(3) In subsection (7)(2)—

(a)for the definition of “authorised provider” substitute—

  • “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—

    (a)

    a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;

    (b)

    an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or

    (c)

    an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.; and

(b)after the definition of “employment” insert—

  • “insurer” means—

    (a)

    a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;

    (b)

    an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;.

(4) After subsection (7) insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.

(7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—

(a)that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and

(b)that the firm is authorised by its home state authorisation to carry on that service.

(7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are—

(a)that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and

(b)that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.

(7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are—

(a)that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;

(b)that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and

(c)that the firm also carries on the activity in question in its home State.

(7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule..

(1)

Section 9A was inserted by the Judicial Pensions (NI) Order 1991 (NI 24) Article 6(1)(b), 2.

(2)

Subsection (7) of section 9A was added by the Judicial Pensions and Retirement Act 1993 (c. 8) Schedule 3 Pt. II paragraph 9.

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