The Financial Services Act 1986 (Occupational Pension Schemes) (No.2) Order 1988
This Order revokes and consolidates with certain amendments the Financial Services Act 1986 (Occupational Pension Schemes) Order 1988. The Order directs that no trustee of an occupational pension scheme of a kind described in article 3 is to be treated as carrying on investment business by virtue of section 191 of the Financial Services Act 1986 if either he is a beneficiary or potential beneficiary under the scheme in question or he takes no day to day decisions relating to the management of assets of the scheme which are investments other, in the case of a scheme of the kind described in article 3(3), than the selection of life insurance and annuity contracts. The Order also makes provision as to schemes where some of the members in respect of whom contributions have been made are no longer entitled to benefits under the scheme and schemes under which investment decisions are taken by a person of the kind described in section 191 of the Act acting jointly with all, or a majority of, relevant members.