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The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

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Amendment of the Personal and Occupational Pension Schemes (Protected Rights) Regulations

10.  The Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997(1) (insurance companies that may provide protected rights by way of annuities) shall be amended in accordance with paragraphs (2) and (3).

(2) In the heading to regulation 11 for “Insurance companies” there shall be substituted “Insurers”.

(3) In regulation 11 –

(a)the words from “For the purposes of” to “revoked or rescinded.” shall be numbered as paragraph (1) of that regulation;

(b)in that paragraph –

(i)for “insurance company” in both places where it occurs there shall be substituted “insurer”;

(ii)for sub-paragraph (a) there shall be substituted the following sub-paragraph –

“(a)(i)is a person who has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or

(ii)is an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (EEA passport rights) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;”;

(c)after that paragraph there shall be added the following paragraph –

“(2) Paragraph (1)(a) shall be read with –

(a)section 22 of the Financial Services and Markets Act 2000 (regulated activities);

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.”.

(1)

S.R. 1997 No. 56, to which there are amendments not relevant to these regulations

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