The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

Amendment of the Pension Sharing (Pension Credit Benefit) Regulations

16.—(1) The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with paragraphs (2) and (3).

(2) In regulation 1 (interpretation) –

(a) in paragraph (2) –

(i) after the definition of “the 1999 Order” there shall be inserted the following definition –

““the 2000 Act” means the Financial Services and Markets Act 2000;”;

(ii) for the definition of “reference banks”(2) there shall be substituted the following definition –

““reference banks” means the seven largest persons for the time being who –

(a)

have permission under Part IV of the 2000 Act to accept deposits;

(b)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(c)

quote a base rate in sterling,

and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in Article 4 of the Companies (Northern Ireland) Order 1986), as shown in the audited end of year accounts last published before that time.”;

(b) after paragraph (2) there shall be inserted the following paragraph –

“(2A) In paragraph (2) the definition of “reference banks” shall be read with –

(a) section 22 of the 2000 Act (regulated activities);

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.”.

(3) In regulation 5 (means of assuring pension credit benefit) –

(a) in paragraph (3) for sub-paragraphs (a) to (c) there shall be substituted the following sub-paragraphs –

“(a) a person who has permission under Part IV of the 2000 Act 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 (EEA passport rights) 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 long-term insurance.”;

(b) for paragraph (4) there shall be substituted the following paragraph –

“(4) Paragraph (3)(a) and (b) must be read with –

(a) section 22 of the 2000 Act (regulated activities);

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.”.

(1)

S.R. 2000 No. 146, amended by S.R. 2000 No. 335

(2)

Definition of “reference banks” was amended by regulation 12(2) of S.R. 2000 No. 335