Citation, commencement and interpretation1

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;

  • F9“authorised insurer” means—

    1. 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

    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 in the United Kingdom;

  • “authorised deposit taker” means—

    1. a

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

    2. 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.

F23

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;

b

any relevant order under that section; and

c

Schedule 2 to that Act.