Regulation 3 Amendments to the Principal Regulations

In regulation 2 after the definition of “signed valuation” there shall be inserted–

“; “simplified defined contribution scheme” means a scheme approved by the Board under section 591 of the Income and Corporation Taxes Act 1988^f1 by reference to limitations on–

(a)

the aggregate amount of the contributions which may be paid by a member and his employer,

(b)

the maximum lump sum which may be provided under the scheme, and

(c)

the benefits payable on death which may be provided under the scheme”.