Requirements for schemes recognised for tax purposes
6.—(1) This regulation is satisfied if paragraph (2), (3) or (4) applies.
(2) This paragraph applies if the scheme is an occupational pension scheme and there is a body in the country or territory in which it is established—
(a)which regulates occupational pension schemes; and
(b)which regulates the scheme in question.
(3) This paragraph applies if the scheme is not an occupational scheme and there is a body in the country or territory in which it is established—
(a)which regulates pension schemes other than occupational pension schemes; and
(b)which regulates the scheme in question.
(4) This paragraph applies if neither paragraph (2) nor (3) applies by reason only that no such regulatory body exists in the country or territory and—
(a)the scheme is established in another member State, Norway, Iceland or Liechtenstein; or
(b)the scheme is one where—
(i)the scheme rules provide that at least 70% of a member’s relevant scheme funds will be designated by the scheme manager for the purpose of providing the member with an income for life, or, in the case of a member who has died, so provided immediately before the member’s death, and
(ii)the pension benefits payable to the member under the scheme (and any lump sum associated with those benefits) are payable no earlier than they would be if pension rule 1 applied.
(5) In this regulation “occupational pension scheme” has the meaning given by section 150(5) of the Finance Act 2004.