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.