Article 488 Purchase of retirement benefits from an authorised insurerI1

Article 9 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (purchase of pensions on retirement) is amended as follows.

In paragraph (2)^f1 of that article, for “an institution” (each time it appears) substitute “a person”.

In that paragraph for “being either” substitute “being an office or branch in the United Kingdom of either”.

For sub-paragraphs (a), (b) and (c) of that paragraph substitute—

“(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of long-term insurance.”.

After paragraph (2) insert—

“(3)

Sub-paragraphs (a) and (b) of paragraph (2) 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.”.