Amendment of the Pension Sharing (Pension Credit Benefit) Regulations16

1

The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 200045 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”46 there shall be substituted the following definition –

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

    1. a

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

    2. b

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

    3. 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.