Regulation 90 Qualifying arrangementsI1

Scotland Not yet in force

(1)

The following are qualifying arrangements for the purposes of regulation 89 (discharge of pension credit liability)–

(a)

an occupational pension scheme;

(b)

a personal pension scheme;

(c)

an appropriate annuity contract;

(d)

an appropriate policy of insurance; and

(e)

an overseas arrangement within the meaning of the Contracting-out (Transfer and Transfer Payment) Regulations 1996^f1.

(2)

An annuity contract or policy of insurance is appropriate for the purposes of paragraph (1) if, at the time it is entered into or taken out, the insurance company with which it is entered into or taken out–

(a)

is carrying on ordinary long-term insurance business in the United Kingdom or any other member State; and

(b)

satisfies such requirements as the Secretary of State may prescribe by regulations made under paragraph 6(2)(b) of Schedule 5 to the 1999 Act^f2.

(3)

Paragraph (2)(a) must be read with–

(a)

section 22 of the Financial Services and Markets Act 2000^f3;

(b)

any relevant order made under that section; and

(c)

Schedule 2 to that Act.

Annotations

Commencement

I1: Reg. 90 in force at 1.4.2009, see reg. 1

Footnotes

f1: S.S.I. 1996/1462.
f2: See Regulation 11 of S.I. 2000/1053.
f3: 2000 c. 8.