Amendment of the Money Purchase Contracted-out Schemes Regulations 1987

4.  For paragraph 4 of the Schedule to the Money Purchase Contracted-out Schemes Regulations 1987(1) there shall be substituted the following paragraph—

4.  An interest-bearing account (including, in the case of a building society, a share or deposit account) with—

(a)a building society as defined in the Building Societies Act 1986(2);

(b)a Pension Company within the meaning of the Building Societies (Designation of Pension Companies) Order 1987(3) which is an associated body of a building society within the meaning of section 18(17) of the Building Societies Act 1986;

(c)an institution authorised under Part I of the Banking Act 1987(4)..