Article 143 Receipts, record and payments: duties of pension trustees and othersI1

Section 49 of the Pensions Act 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.

In subsection (1)^f1, for the words from “at” to the end substitute “with a deposit-taker”.

Subsection (1A)^f2 is repealed.

In subsection (5)^f3, for the words “at a relevant institution” substitute “with a deposit-taker”.

After subsection (8)^f4 insert—

“(8A)

“Deposit taker” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(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 of that Schedule) to accept deposits;

(c)

the Bank of England or the central bank of a member state other than the United Kingdom;

(d)

the National Savings Bank; or

(e)

a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987 exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.

(8B)

Paragraphs (a) and (b) of subsection (8A) 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.”.