The Personal Pension Schemes (Compensation) Regulations 1988

Citation, commencement and interpretationU.K.

1.—(1) These Regulations may be cited as the Personal Pension Schemes (Compensation) Regulations 1988 and shall come into force on 26th January 1989.

(2) In these Regulations—

“the Act” means the [F1Pension Schemes Act 1993];

“the Appropriate Schemes Regulations” means the Personal Pension Schemes (Appropriate Schemes) Regulations 1988 M1;

[F2“authorised insurer” means—

(a)

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

(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 in the United Kingdom;

“authorised deposit taker” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act to accept deposits, or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) 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(1) of that Schedule) to accept deposits;

“the Financial Services and Markets Act” means the Financial Services and Markets Act 2000;

“the Financial Services Compensation Scheme” has the same meaning as in section 213(2) of the Financial Services and Markets Act;]

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“liable scheme” has the meaning assigned by regulation 2;

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“scheme” means personal pension scheme.

[F9(3) In paragraph (2), the definitions of “authorised insurer” and “authorised deposit taker” must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;