(1) The Stakeholder Pension Schemes Regulations 2000 are amended as follows.
(2) In paragraph (3) of regulation 1 (citation, commencement and interpretation) -
(a) in the definition of "securities" [The definition of "securities" was substituted by S.I. 2001/3649, article 595(1).] for "unit trust" substitute "investment trust"; and
(b) in the definition of "with-profits fund", for "insurance company" (in both places) substitute "insurer".
(3) In paragraphs (4) and (5) of regulation 15 (requirement for trustees or manager to satisfy certain conditions in relation to with-profits fund), for "insurance company" (in each place it appears) substitute "insurer".