Article 3 Certain persons not to be treated as carrying on investment business by virtue of section 191 of the Act

(1)

For the purposes of this Order a scheme is a relevant scheme if it is an occupational pension scheme of a kind described in paragraph (2) or (3) below.

(2)

A scheme falls within this paragraph if—

(a)

it is constituted under an irrevocable trust;

(b)

it has no more than twelve relevant members;

(c)

all relevant members of the scheme are trustees of it; and

(d)

all decisions, or all day to day decisions, relating to the management of assets of the scheme which are investments are required to be taken by all relevant members or by a majority of such members or by a person of the kind described in section 191(2)(a), (b) or (c) of the Act.

(3)

A scheme falls within this paragraph if—

(a)

it has no more than 50 members;

(b)

the contributions in respect of each member of the scheme are used in the acquisition of a contract of insurance on the life of that member or of a contract to pay an annuity on that life; and

(c)

each member is given the opportunity to select the contract of insurance which his contributions will be used to acquire.