Article 2 Variation of Schedule 8 to the Building Societies Act 1986

Schedule 8 to the Building Societies Act 1986 (provision of services) shall be varied by the substitution, for the definition of “pension scheme” and “provision of pensions” in paragraph 7 of Part IV thereof, of the following definition —

““pension scheme” means —

(a)

a retirement benefits scheme within the meaning of, and approved or capable of being approved by the Commissioners of Inland Revenue for the purposes of, Chapter II of Part II of the Finance Act 1970^f1 (occupational pension schemes), or

(b)

a personal pension scheme within the meaning of, and approved or capable of being approved by the Commissioners of Inland Revenue under, Chapter II of Part I of the Finance (No. 2) Act 1987^f2(personal pension schemes).and the “provision of pensions” means the provision of benefits which are “money purchase benefits” within the meaning of the Social Security Act 1986^f3(or, in relation to Northern Ireland, the Social Security (Northern Ireland) Order 1986^f4);”.