Amendment of regulation 1A of the Occupational Pension Schemes (Discharge of Liability) Regulations 1985
3. In the Occupational Pension Schemes (Discharge of Liability) Regulations 1985(1) for regulation 1A there shall be substituted the following regulation—
“Applicants applying to policies of insurance and annuity contracts
1A.—(1) The requirements referred to in section 19(4)(a)(ii) (requirements applying to policies of insurance or annuity contracts for the purposes of discharging liabilities to guaranteed minimum pensions) are that the insurance policy is taken out or the annuity contract is entered into with an insurance company which is—
(a)an insurance company which is authorised under section 3 or 4 of the Insurance Companies Act 1982 to carry on ordinary long-term insurance business as defined in that Act; or
(b)an EC company as defined in section 2(6) of the Insurance Companies Act 1982 falling within paragraph (2) below.
(2) An EC company falls within this paragraph if it—
(a)carries on ordinary long-term insurance business in the United Kingdom through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with; or
(b)provides ordinary long-term insurance in the United Kingdom and such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with in respect of the insurance.”.