Regulation 3 Application to convert eligible scheme to personal pension scheme

The trustees of a qualifying scheme may apply to the Board for approval of the scheme as a personal pension scheme if the conditions prescribed in paragraphs (2) and (3) are satisfied.

The first condition is that regulation 7 (valuation of prescribed member’s benefits) has been complied with in respect of each prescribed member of the scheme.

The second condition is that the value of the fund of a prescribed member, who is to be a continuing member of the scheme, does not exceed the permitted amount.