531.—(1) Regulation 15 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Employer to make payments of benefits into a separate account), is amended as follows.
(2) The existing text of that regulation is numbered paragraph (1).
(3) In paragraph (1) for “institution authorised under the Banking Act 1987” substitute “deposit taker”.
(4) After paragraph (1) insert—
“(2) (a) In this regulation “deposit taker” means—
(i)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(ii)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 having qualified for authorisation under paragraph 12(1) of that Schedule) to accept deposits;
(b)sub-paragraph (a) must be read with—
(i)section 22 of the Financial Services and Markets Act 2000,
(ii)any relevant order under that section, and
(iii)Schedule 2 to that Act.”.