Paragraph 1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch., para.l(a) substituted by Occupational and Personal Pension Schemes 1995 reg.4(b)(i)
Sch., para.2 substituted by Occupational and Personal Pension Schemes 1995 reg.4(b)(ii)
Sch., para.9 amended by Occupational and Personal Pension Schemes 1995 reg.4(b)(iii)
sch. amended by Personal and Occupational Pension Schemes 1990
Sch. para. 4 modified by Banking Coordination (Second Council Directive) 1992 Sch. 10 para. 38

Insurance policies, or annuity contracts, or both, which are—

(a)

issued by either—

(i)

a person or body (not being a Friendly Society) which is authorised by virtue of Chapter III of Part I of the Financial Services Act 1986; or

(ii)

a Friendly Society which is so authorised and has disclosed in its audited accounts a contributions income of not less than £300,000 in the year 1986 and not less than £400,000 in the year 1987;

and which are—

(b)

issued under, or in connection with, arrangements which do not permit the trustees of the scheme to direct the way in which the investment of premiums paid or payable to the person or body, specified in sub-paragraphs (a)(i) or (ii), in respect of those policies or contracts, shall be made.