Regulation 4 Amendment of the Personal Pension Schemes (Appropriate Schemes) Regulations 1997

for paragraph (1) there shall be substituted the following paragraph:-

“(1)

A personal pension scheme can be an appropriate scheme only if—

(a)

it is approved by the Inland Revenue—

(i)

under Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988, or

(ii)

under Chapter I of that Part by reference to section 591(2)(h) of that Act; and

(b)

it is a scheme—

(i)

which is a stakeholder pension scheme under Part I of the Welfare Reform and Pensions Act 1999^f2, but which is not a self-invested personal pension scheme, or

(ii)

which takes one of the forms (but not more than one) specified in paragraph (2).”; and

after paragraph (3) there shall be inserted the following paragraph:-

“(4)

In this regulation, “self-invested personal pension scheme” has the meaning given by regulation 3 of the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001^f3.”.