(1) Schedule 1 to the Local Government Pension Scheme (Scotland) Regulations 1998 (interpretation) is amended as follows.

(2) In the definition of "AVC insurance company" -

(a) for paragraphs (a) and (b) substitute -

"(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance; or"

(b) for the words after the end of paragraph (c) substitute -

"and paragraphs (a) and (b) of this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.".

(3) In the definition of "the Reference banks" -

(a) for the words from "seven largest institutions" to the end of the definition substitute -

"seven largest persons for the time being who -

(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;