Occupational pension schemes: institutions who may hold money deposited by trustees etc.
10.—(1) Article 49 of the Pensions Order (other responsibilities of trustees, employers, etc.) is amended as follows.
(2) In each of paragraphs (1) and (5) (money to be kept by trustees or employers in accounts with institutions authorised under the Banking Act 1987), for “an institution authorised under the[1987 c. 22.] Banking Act 1987” substitute “a relevant institution”.
(3) After paragraph (1) insert—
“(1A) In this Article “relevant institution” means—
(a)an institution authorised under the Banking Act 1987;
(b)an institution within any of paragraphs 1 to 6 of Schedule 2 to that Act (institutions not requiring authorisation); or
(c)a European authorised institution within the meaning of the Banking Coordination (Second Council Directive) Regulations 1992 which may lawfully accept deposits in the United Kingdom in accordance with those regulations.”.