Regulation 3 Definition of self-invested personal pension scheme

(1)

In these Regulations “self-invested personal pension scheme” means a personal pension scheme the arrangements made in accordance with which by a member—

(a)

are arrangements under which the member is able to direct the manner in which some or all of the contributions paid to the scheme are to be invested by or on behalf of the scheme administrator, and

(b)

are not arrangements falling within paragraph (2).

(2)

Arrangements fall within this paragraph if they are either—

(a)

arrangements under which—

(i)

all the investments held for the purposes of the scheme comprise contracts of insurance or units in unit trust schemes, and

(ii)

in managing those investments, the scheme administrator or the person acting on his behalf does not consult with any member of the scheme except to the extent necessary by virtue of the scheme offering choices that are available to any person (whether or not a member of the scheme); or

(b)

arrangements under which—

(i)

all contributions paid are, after deduction of expenses, invested in deposits with deposit-takers, and

(ii)

the payment of interest on those deposits comprises the only income of the scheme from its investments.