The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Receipts, record and payments: duties of pension trustees and others

143.—(1) Section 49 of the Pensions Act 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.

(2) In subsection (1)(1), for the words from “at” to the end substitute “with a deposit-taker”.

(3) Subsection (1A)(2) is repealed.

(4) In subsection (5)(3), for the words “at a relevant institution” substitute “with a deposit-taker”.

(5) After subsection (8)(4) insert—

“(8A) “Deposit taker” means—

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(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 of that Schedule) to accept deposits;

(c) the Bank of England or the central bank of a member state other than the United Kingdom;

(d) the National Savings Bank; or

(e) a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987 exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.

(8B) Paragraphs (a) and (b) of subsection (8A) 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.”.

(1)

The words being substituted were substituted by the Welfare Reform and Pensions Act 1999 (c. 30) Sch 2 paragraph 12(1), (2).

(2)

Section 49(1A) was inserted by the Welfare Reform and Pensions Act 1999 (c. 30) Sch 2 paragraph 12(1), (3).

(3)

The words being substituted were substituted by the Welfare Reform and Pensions Act 1999 (c. 30) Sch 2 paragraph 12(1), (2).

(4)

Subsection (8) was substituted by the Welfare Reform and Pensions Act 1999 (c. 30) s. 10(1).