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

Amendment of the Stakeholder Pension Schemes Regulations

18.—(1) The Stakeholder Pension Schemes Regulations (Northern Ireland) 2000(1) shall be amended in accordance with paragraphs (2) to (5).

(2) In regulation 1 (interpretation) –

(a)in paragraph (3) –

(i)after the definition of “the Taxes Act” there shall be inserted the following definition –

““the 2000 Act” means the Financial Services and Markets Act 2000;”;

(ii)for the definition of “insurance company” there shall be substituted the following definition –

““insurer” means –

(iii)for the definition of “securities” there shall be substituted the following definition –

““securities” means investments of the following kinds –

but does not include shares in an investment trust;”;

(iv)in the definition of “with-profits fund” for “insurance company” in both places where it occurs there shall be substituted “insurer”.

(b)after paragraph (3) there shall be inserted the following paragraph –

“(3A) In paragraph (3) the definitions of “insurer” and “securities” shall be read with –

(a)section 22 of the 2000 Act (regulated activities);

(b)any relevant order under that section, and

(c)Schedule 2 to that Act.”.

(3) In regulation 8 (requirement applying to all stakeholder pension schemes as regards investments) –

(a)in paragraph (4) for “section 75 of the Financial Services Act 1986” there shall be substituted “section 235 of the 2000 Act”;

(b)in paragraph (5) for “insurance company” there shall be substituted “insurer”;

(c)in paragraph (6) for the definitions of “contract of insurance”(2), “deposit” and “reference banks” there shall be substituted the following definitions –

““contract of insurance” means a contract –

“reference banks” means the seven largest persons for the time being who –

and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in Article 4 of the Companies (Northern Ireland) Order 1986), as shown in the audited end of year accounts last published before that time.”;

(d)after paragraph (6) there shall be added the following paragraph –

“(7) In this regulation the expression “deposit”, and the definitions of “contract of insurance” and “reference banks” in paragraph (6), shall be read with –

(a)section 22 of the 2000 Act (regulated activities);

(b)any relevant order under that section, and

(c)Schedule 2 to that Act.”.

(4) In regulation 10 (requirement for manager of schemes not established under a trust to have regard to certain matters, and to take advice, relating to investment) –

(a)in paragraph (5)(3) for sub-paragraph (a) there shall be substituted the following sub-paragraph –

“(a)where the giving of advice constitutes a regulated activity of advising on investments (or would constitute such a regulated activity but for the identity of the person carrying on that activity), advice given by a person who may give that advice without contravening the prohibition imposed by section 19 of the 2000 Act;”;

(b)after paragraph (5) there shall be inserted the following paragraph –

“(5A) Paragraph (5)(a) shall be read with –

(a)section 22 of the 2000 Act (regulated activities);

(b)any relevant order under that section, and

(c)Schedule 2 to that Act.”.

(5) In regulation 15(3)(4), (4)(5) and (5) (requirement for trustees or manager to satisfy certain conditions in relation to with-profits funds) for “insurance company” in each place where it occurs there shall be substituted “insurer”.