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Term Definition Legal instruments

occupational pension fund management business

03/07/2015

THIS DEFINITION ONLY APPLIES TO THE POLICYHOLDER PROTECTION PART

means the business of carrying on:

(1) pension fund management;

(2) (other than in connection with a personal pension scheme) pension fund management written as linked long-term business, for an occupation pension scheme or for an institution falling within article 2 of the Council Directive of 3 June 2003 on the activities and supervision of institutions for occupation retirement provision (No 2003/43/EC), but only to the extent that:

(a) there is no transfer to the participant firm of:

(i) investment, market or credit risk;

(ii) mortality or expense risk prior to any annuity being effected; and

(b) any annuity options provide for the participant firm to change the annuity rates without prior notice.