occupational pension fund management business

(in COMP) the business of carrying on:

1. (1) pension fund management; or
2. (2) (other than in connection with a personal pension scheme) pension fund management, written as linked long term business , for an occupational 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 occupational retirement provision (No 2003/41/EC) but only to the extent that:
   1. (a) there is no transfer to the participant firm of:
      1. (i) investment, market, or credit risk;
      2. (iii) mortality or expense risk prior to any annuity being effected; and
   2. (b) any annuity options provide for the participant firm to change the annuity rates without prior notice.13