PART 3 ENACTMENTS RELATING TO PENSIONS

Pensions Act 1995 (c. 26)

Receipts, record and payments: duties of pension trustees and others
143. (1) Section 49 of the Pensions Act 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.
(2) In subsection (1), for the words from “at” to the end substitute “with a deposit-taker”.
The words being substituted were substituted by the Welfare Reform and Pensions Act 1999 (c. 30) Sch 2 paragraph 12(1), (2).
(3) Subsection (1A) is repealed.
Section 49(1A) was inserted by the Welfare Reform and Pensions Act 1999 (c. 30) Sch 2 paragraph 12(1), (3).
(4) In subsection (5), for the words “at a relevant institution” substitute “with a deposit-taker”.
The words being substituted were substituted by the Welfare Reform and Pensions Act 1999 (c. 30) Sch 2 paragraph 12(1), (2).
(5) After subsection (8) insert—

“(8A) “Deposit taker” means—
(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;
(c) the Bank of England or the central bank of a member state other than the United Kingdom;
(d) the National Savings Bank; or
(e) a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987 exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.
(8B) Paragraphs (a) and (b) of subsection (8A) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.”.

Subsection (8) was substituted by the Welfare Reform and Pensions Act 1999 (c. 30) s. 10(1).