PART 9AMENDMENTS TO SECONDARY LEGISLATION
The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (S.I. 1996/2475)
Payment of interest on late paid benefit540
1
For paragraph (2)(b) of regulation 6343 of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (payment of interest on late paid benefit), substitute—
b
“reference banks” means the four largest persons for the time being who—
i
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
ii
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
iii
quote a base rate applicable to sterling deposits.
2
After paragraph (2) of that regulation insert—
3
Paragraph (2)(b) 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.