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

Amendment of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations

9.—(1) The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 1(2) (interpretation) after the definition of “the Act” there shall be inserted the following definition –

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

(3) In regulation 4 (exclusions from jurisdiction) for paragraph (1)(2) there shall be substituted the following paragraph –

“(1) The Pensions Ombudsman shall not investigate or determine any complaint or dispute which can be (and is in fact) dealt with under the compulsory jurisdiction of the ombudsman scheme provided for by Part XVI of the 2000 Act, other than a complaint or dispute relating to the management of a personal pension scheme.”.

(4) In regulation 6 (payment of interest on late paid benefit) –

(a)in paragraph (2) for sub-paragraph (b) there shall be substituted the following sub-paragraph –

“(b)“reference banks” means the 4 largest persons for the time being who –

(i)have permission under Part IV of the 2000 Act to accept deposits;

(ii)are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and

(iii)quote a base rate applicable to sterling deposits.”;

(b)after paragraph (2) there shall be added the following paragraph –

“(3) Paragraph (2)(b) shall be read with –

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

(b)any relevant order under that section;

(c)Schedule 2 to that Act.”.