Regulation 2

In regulation 4 of the Insurance Companies (Pensions Business) (Transitional Provisions) Regulations 1992^f1 for paragraph (3) there shall be substituted the following paragraphs—

“(3)

The prescribed percentage is 12.5 per cent. for an accounting period ending after 31st December 1993 and before 1st January 1995.

(4)

Subject to paragraphs (2) and (3) above, the prescribed percentage is 10 per cent.”.