Regulation 9 Restriction on discretion to approve: conversion of qualifying scheme

The Board shall not approve a qualifying scheme as a personal pension scheme unless the proposed personal pension scheme complies with the restrictions imposed by regulations 10 and 11 in the case of an individual to whom paragraph (2) applies.

This paragraph applies to an individual who is a controlling director and whom the trustees of the scheme which is the subject of the application under Schedule 23ZA intend should be a continuing member.