Article 525 Interpretation of the 1996 RegulationsI1

The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 are amended as follows.

In paragraph (1) of regulation 2 (Interpretation)—

After paragraph (1) of regulation 2 insert—

“(1A)

The definitions of “equities” and “gilt-edged securities” in paragraph (1) 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.”.

In paragraph 1(1) of Schedule 4 to those Regulations (Methods of securing shortfall in cases of serious underprovision), for the definition of “relevant institution” substitute—

• ““relevant institution” means—

  1. (a)

     a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or

  2. (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(1) of that Schedule) to accept deposits;”.

After sub-paragraph (1) of paragraph 1 insert—

“(1A)

The definition of “relevant institution” in sub-paragraph (1) 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.”.