“Custody of group pension funds by certain insurance companies

24A.

(1)

Paragraph 13A above does not apply to anything done by a relevant insurance company in relation to the investments of any pension fund which is established solely for the benefit of the officers or employees and their dependants of that company or of any other body corporate in the same group as that company.

(2)

In sub-paragraph (1) above “relevant insurance company” means an insurance company to which Part II of the Insurance Companies Act 19826 applies but to which section 22 of this Act does not apply.”.