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26. In Article 2, for point (10) substitute—
“(10) ‘pension scheme arrangement’ means:
(a)an occupational pension scheme within the meaning of section 1(1) of the Pension Schemes Act 1993(1) which has its main administration in the United Kingdom, including the trustees and managers of such a scheme, and any legal entity set up for the purpose of investment of such a scheme acting solely and exclusively in its interest;
(b)occupational retirement provision businesses of insurance and reinsurance undertakings within the meaning of section 417 of FSMA, provided that all assets and liabilities corresponding to the businesses are ring-fenced, managed and organised separately from the other activities of the insurance or reinsurance undertaking, without any possibility of transfer;
(c)any other authorised and supervised entities, or arrangements, established in the United Kingdom, provided that:
(i)they are recognised under the law applying to any part of the United Kingdom; and
(ii)their primary purpose is to provide retirement benefits;”.
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