633 Scope of benefits.U.K.
M1(1)The Board shall not approve a personal pension scheme which makes provision for any benefit other than—
(a)the payment of an annuity satisfying the conditions in section 634 [F1or income withdrawals with respect to which the conditions in section 634A are satisfied] ;
(b)the payment to a member of a lump sum satisfying the conditions in section 635;
(c)the payment after the death of a member of an annuity satisfying the conditions in section 636 [F2or income withdrawals with respect to which the conditions in section 636A are satisfied] ;
(d)the payment on the death of a member of a lump sum satisfying [F3the conditions in section 637 (death benefit);] .
[F4(e)the payment on or after the death of a member of a lump sum [F5with respect to which the conditions in section 637A (return of contributions) are satisfied]]
(2)Subsection (1) above shall not prevent the approval of a scheme which makes provision for insurance against a risk relating to the non-payment of contributions.
Textual Amendments
F1Words in s. 633(1)(a) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 3(2)
F2Words in s. 633(1)(c) inserted (1.5.1995) by Finance Act 1995 (c 4), Sch. 11 para. 3(3)
F3Words in s. 633(1)(d) substituted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 3(4)
F4S. 633(1)(e) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 11 para. 3(5)
F5Words in s. 633(1)(e) substituted (with effect in accordance with s. 172(3) of the amending Act) by Finance Act 1996 (c. 8), s. 172(1)
Marginal Citations
M1Source-1987 (No.2) s.21