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pension fund management

    (in relation to a class of contract of insurance) the class of contract of insurance specified in paragraph VII of Part II of Schedule 1 to the Regulated Activities Order (Contracts of long-term insurance) namely:

      1. (a) pension fund management contracts; and
      1. (b) pension fund management contracts which are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest;

    where effected or carried out by a person who does not carry on a banking business, and otherwise carries on insurance business.5