The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (S.I. 1999/1082)

Additional voluntary contributions

261.—(1) Schedule 6 to the Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (additional voluntary contributions) is amended as follows.

(2) After sub-paragraph (2) of paragraph 1 (interpretation) insert—

“(3) In this Schedule, paragraphs 5(2) and 8(2) 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.”.

(3) For sub-paragraphs (a) and (b) of paragraph 5(2) (investment of contributions) substitute—

“(a) in an insurance policy or policies taken out with an office or branch in the United Kingdom of—

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or

(ii) an EEA firm of the kind mentioned in paragraph 5(d) 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(1) of that Schedule) to effect or carry out contracts of long-term insurance;

(b) in a deposit account or accounts with a building society (within the meaning of the Building Societies Act 1986) which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.”.

(4) In paragraph 8(2) (purchase of pensions), for the words from “being either” to the end of sub-paragraph (b) substitute—

“being a United Kingdom branch or office of—

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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 which has permission under paragraph 15 of that Schedule to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;”.