Occupational pension scheme under a trust: power of investment and delegation
150.—(1) Article 34 of the Pensions (Northern Ireland) Order 1995 (power of investment and delegation) is amended as follows—
(2) For paragraph (3) substitute—
“(3) This paragraph applies to a fund manager who, in relation to the investments, may take the decisions in question without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (prohibition on carrying on regulated activities unless authorised or exempt).”.
(3) In paragraph (5)(b) for the words from “carrying” to “1986)” substitute “the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000)”.