PART 9AMENDMENTS TO SECONDARY LEGISLATION

The Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403)

Interpretation of the 2000 Regulations: general595

1

In paragraph (3) of regulation 1 of the Stakeholder Pension Schemes Regulations 2000 (Citation, commencement and interpretation)—

a

the definition of “insurance company” is revoked, and in the same place insert—

  • “insurer” means—

    1. a

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

    2. 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 insurance;

b

for the definition of “securities” substitute—

  • “securities” means investments of the following kinds—

    1. a

      shares,

    2. b

      instruments creating or acknowledging indebtedness,

    3. c

      government and public securities,

    4. d

      instruments giving entitlements to investments,

    5. e

      certificates representing securities,

    but does not include shares in a unit trust;

2

After paragraph (3) of that regulation insert—

3A

The definitions of “insurer” and “securities” in paragraph (3) 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.

3

In regulation 8(5) of those Regulations for “insurance company” substitute “insurer”.

4

In regulation 15(3) of those Regulations for “insurance company” substitute “insurer”.