Separate bank account
6.—(1) On and after 1st April 2011, an administering authority must hold in a separate account kept by it with a deposit-taker in accordance with this regulation—
(a)all monies held by the authority on that date; and
(b)all monies received by it on or after that date
for the purpose of its pension fund.
(2) “Deposit-taker” for the purposes of paragraph (1) means—
(a)a person who has permission under Part 4 of the 2000 Act (permission to carry on regulated activities) to accept deposits;
(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 Act (EEA passport rights) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule(1)) to accept deposits;
(c)the Bank of England or the central bank of an EEA state other than the United Kingdom; or
(d)the National Savings Bank.
(3) The deposit-taker shall not, in relation to the account referred to in paragraph (1), exercise any right of set-off it may have in respect of any other account held by the administering authority or any party connected to the administering authority.
Amended by S.I. 2007/126, S.I. 2007/3253.