Regulation 2 Forms of schemes which may be appropriate schemesI1

England, Wales and Scotland

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

reg. 2(1A) words substituted by Occupational and Personal Pension Schemes 1994 Sch. 2 para. 21(3)
reg. 2(1) words inserted by Personal Pension Schemes 1988 reg. 3(a)
reg. 2(1)(c) words substituted by Personal Pension Schemes 1988 reg. 3(b)
reg. 2(1A) inserted by Personal Pension Schemes 1988 reg. 3(c)
reg.2 amended by Occupational and Personal Pension Schemes 1995 reg.7(b)

(1)

Without prejudice to any other requirements imposed by the Act or regulations made under it, a personal pension scheme can be an appropriate scheme only if it is approved by the Inland Revenue under either Chapter II of Part I of the Finance (No. 2) Act 1987^f1 or Chapter II of Part II of the Finance Act 1970^f2 by reference to section 20(2)(h) of that Act and in either case it takes the form specified in any one (but not more than one) of sub-paragraphs (a) to (c) namely—

(a)

an arrangement for the issue of insurance policies or annuity contracts;

(b)

a unit trust scheme of a kind mentioned in Part I of Schedule 1 to these regulations which has been authorised under section 78(1) of, or by virtue of paragraph 9 of Schedule 15 to, the Financial Services Act 1986;

(c)

an arrangement for the investment of contributions in an interest-bearing account or shares in or deposits with a building society as defined in the Building Societies Act 1986^f3.

(2)

For the purposes of this regulation a personal pension scheme which has been granted provisional approval by the Inland Revenue under the Personal Pension Schemes (Provisional Approval) Regulations 1987^f4 shall be treated as being approved under Chapter II of Part I of the Finance (No. 2) Act 1987.

Annotations

Commencement

I1: Reg. 2 in force at 1.3.1988, see reg. 1(1)

Footnotes

f1: 1987 c. 51.
f2: 1970 c. 24. Section 20(2) was substituted by section 21(4) of the Finance Act 1971 (c. 68) and paragraph (h) of that subsection was inserted by paragraph 3 of Schedule 3 to the Finance (No.2) Act 1987 (c. 51).
f3: 1986 c. 53.
f4: S.I. 1987/1765.