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Amendment of section 770 of Act of 1997
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41. Section 770(1) of the Act of 1997 is amended—
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(a) in the definition of “administrator”, by the insertion of “or in the United Kingdom” after “European Communities”, and
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(b) by the substitution of the following definition for the definition of “overseas pension scheme”:
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“‘overseas pension scheme’ means a retirement benefits scheme, other than a state social security scheme, which—
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(a) is operated or managed by an institution for occupational retirement provision as defined by Article 6(1) of Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 201612
(in this definition referred to as ‘the Directive’) and is established in a Member State of the European Union, other than the State, which has given effect to the Directive in its national law, or
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(b) is established in the United Kingdom and is subject to supervisory and regulatory arrangements at least equivalent to those applied under the Directive;”.
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12 OJ No. L 354, 23.12.2016, p.37 |
