235Pension funds and pension services entitiesU.K.
(1)An entity is a “pension fund” if—
(a)it is an entity that is established and operated in a territory exclusively or almost exclusively to administer or provide retirement benefits and ancillary or incidental benefits to individuals where—
(i)the entity is regulated as such in that territory, or
(ii)those benefits are secured or otherwise protected by national regulations and funded by a pool of assets held through a fiduciary arrangement or trust to secure the fulfilment of the corresponding pension obligations against a case of insolvency of the entity or the group the entity is a member of, or
(b)[F1it is] a pension services entity.
(2)An entity is a “pension services entity” if it is an entity established and operated exclusively or almost exclusively—
(a)to invest funds for the benefit of an entity falling with the description in subsection (1)(a), or
(b)to carry out activities that are ancillary to the regulated activities carried out by an entity falling with that description, provided that the entities are members of the same group.
Textual Amendments
F1Words in s. 235(1)(b) inserted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 56(3)