Amendment of regulation 8

5.  In regulation 8(6) (requirement applying to all stakeholder pension schemes as regards investments) for the definition of “contract of insurance” substitute—

““contract of insurance” means a contract—

(a)

any (or any part) of whose objects is within any of classes I, III and VII of insurance business specified in Schedule 1 to the Insurance Companies Act 1982(1) (classes of long term business); and

(b)

which is carried out by a person authorised under that Act to carry on insurance business including carrying out such a contract;”.