Modifications etc. (not altering text)
C1Pt. 14 Ch. 5 excluded (1.5.1995) by Finance Act 1995 (c. 4), s. 60(5)
M1(1)The Board shall not approve a personal pension scheme established by any person other than—
(a)a person who is authorised under Chapter III of Part I of the M2Financial Services Act 1986 to carry on investment business and who carries on business of a kind mentioned in subsection (2) below;
(b)a building society within the meaning of the M3Building Societies Act 1986;
[F1(bb)a pension company within the meaning of the M4Building Societies (Designation of Pension Companies) Order 1987 which is an associate of a building society within the meaning of section 18(17) of the Building Societies Act 1986;]
(c)an institution authorised under the M5Banking Act 1987;
[F1(cc)a body corporate which is a subsidiary or holding company of an institution authorised under the Banking Act 1987, or is a subsidiary of the holding company of such an institution;]
(d)a recognised bank or licensed institution within the meaning of the M6Banking Act 1979.
(2)The kinds of business referred to in subsection (1)(a) above are—
(a)issuing insurance policies or annuity contracts;
(b)managing unit trust schemes authorised under section 78(1) of the Financial Services Act 1986.
[F2(2A)In subsection 1(cc) above “holding company” and “subsidiary” are to be construed in accordance with section 736 of the M7Companies Act 1985 or Article 4 of the M8Companies (Northern Ireland) Order 1986.]
(3)Subsection (1) above shall not apply in relation to a scheme approved by the Board by virtue of section 620(5) if it was established before [F31st July] 1988.
(4)The Treasury may by order amend this section as it has effect for the time being.