487.—(1) Article 6 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (investment of contributions) is amended as follows.
(2) For paragraph (2)(a) of that article substitute—
“(a)in an insurance policy or policies taken out with an authorised insurer, being either—
(i)a United Kingdom office or branch of a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or
(ii)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(1) of that Schedule) to effect or carry out contracts of long-term insurance; or”.
(3) For paragraph (2)(b) of that article, for “authorised by virtue of Part II of the Building Societies Act 1986” substitute “within the meaning of the Building Societies Act 1986, which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.”.
(4) After paragraph (2) of that article insert—
“(2A) Sub-paragraphs (a) and (b) of paragraph (2) 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.”.
488.—(1) Article 9 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (purchase of pensions on retirement) is amended as follows.
(2) In paragraph (2)(1) of that article, for “an institution” (each time it appears) substitute “a person”.
(3) In that paragraph for “being either” substitute “being an office or branch in the United Kingdom of either”.
(4) For sub-paragraphs (a), (b) and (c) of that paragraph substitute—
“(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term 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(1) of that Schedule) to effect or carry out contracts of long-term insurance.”.
(5) After paragraph (2) insert—
“(3) Sub-paragraphs (a) and (b) of paragraph (2) 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.”.
An amendment to paragraph (2) not relevant to this Order was made by S.I. 1995/2995, article 2(2).