The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 1998

Amendments to the principal Regulations

3.  In regulation 2(1)—

(a) the definition of “administrator” shall be omitted;

(b) for the definition of “small self-administered scheme” there shall be substituted—

• ““small self-administered scheme” means a retirement benefits scheme where—

  (a)

  some or all of the income and other assets are invested otherwise than in insurance policies;

  (b)

  a scheme member is connected with—

  (i)

  another scheme member, or

  (ii)

  a trustee of the scheme, or

  (iii)

  a person who is an employer in relation to the scheme; and

  (c)

  there are fewer than 12 scheme members;”.