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 –
- 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.