# The Personal Pension Schemes (Appropriate Schemes) Regulations 1988, Regulation 3: Persons who and bodies which may establish schemes

Extent: E+W+S

(1) Without prejudice to any other requirements of the Act or regulations made under it—
(a) an arrangement such as is described in regulation 2(1)(a) which is established by a Friendly Society can be an appropriate scheme only if paragraph (2) applies to that Friendly Society; and
(b) an arrangement such as is described in regulation 2(1)(c) can be an appropriate scheme only if it is established by a person to whom or a body to which paragraph (3) applies.
(2) This paragraph applies to a Friendly Society which—
(a) is authorised by virtue of Chapter III of Part I of the Financial Services Act 1986; and
(b) has disclosed in its audited accounts a contributions income of not less than £300,000 in the year 1986 and £400,000 in the year 1987.
(3) This paragraph applies to—
(a) a building society as defined in the Building Societies Act 1986;
(b) a Pension Company within the meaning of the Building Societies (Designation of Pension Companies) Order 1987which is an associated body of a building society within the meaning of section 18(17) of the Building Societies Act 1986;
(c) an institution authorised under Part I of the Banking Act 1987.

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Source: https://www.legislation.gov.uk/uksi/1988/137/regulation/3 (the official version)
Page: https://openlegislation.uk/personal-pension-schemes-appropriate-schemes-regulations-1988/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.