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Schemes to which Regulation 3 applies
2.—(1) Subject to paragraph (2), regulation 3 applies to schemes—
(a)which either—
(i)are approved for the purposes of Chapter I of Part XIV of the Income and Corporation Taxes Act 1988() (retirement benefit schemes) or are the subject of an application for such approval which has not been determined; or
(ii)are exempt from income tax under section 608 of that Act (exemption for superannuation funds approved before 6th April 1980); and
(b)which have at least one member in the United Kingdom and either—
(i)are established in the United Kingdom; or
(ii)have one or more trustees resident in the United Kingdom.
(2) Regulation 3 shall not apply to schemes—
(a)which have less than 12 members;
(b)each of whom is a trustee of the scheme; and
(c)the rules of which provide that before any investment of the resources of the scheme is made in an employer-related investment, each member shall agree in writing to the making of that investment.
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