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

The Occupational Pension Schemes (Minimum Funding Requirements and Actuarial Valuations) Regulations 1996 (S.I. 1996/1536)

Interpretation of the 1996 Regulations

525.—(1) The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 are amended as follows.

(2) In paragraph (1) of regulation 2 (Interpretation)—

(a) for the definition of “equities” substitute—

““equities” means investments of the following kinds—

(a)

shares,

(b)

instruments creating or acknowledging indebtedness,

(c)

instruments giving entitlements to investments of the kind mentioned in (a) or (b) above,

(d)

certificates representing such investments;”; and

(b) for the definition of “gilt-edged securities” substitute—

““gilt-edged securities” means investments of the following kinds—

(a)

government and public securities,

(b)

contracts of long term insurance;”.

(3) After paragraph (1) of regulation 2 insert—

“(1A) The definitions of “equities” and “gilt-edged securities” in paragraph (1) 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.”.

(4) In paragraph 1(1) of Schedule 4 to those Regulations (Methods of securing shortfall in cases of serious underprovision), for the definition of “relevant institution” substitute—

““relevant institution” means—

(a)

a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or

(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(1) of that Schedule) to accept deposits;”.

(5) After sub-paragraph (1) of paragraph 1 insert—

“(1A) The definition of “relevant institution” in sub-paragraph (1) 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.”.