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Finance Act 1981

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32Occupational pension schemes

(1)In subsection (2) of section 20 of the [1970 c. 24.] Finance Act 1970 (discretionary approval of occupational pension schemes which fall within paragraphs (a) to (f) of that subsection) after paragraph (f) there shall be inserted the words or

(g)which provides in certain contingencies for securing benefits by means of an annuity contract with an insurance company of the employee's choice, being a contract which has for its main object the provision for the employee of a life annuity in old age and is so framed that the liabilities undertaken by the insurance company under the contract correspond with liabilities against which the contract is intended to secure the scheme.

(2)After subsection (2) of the said section 20 there shall be inserted—

(2A)In subsection (2)(g) above " insurance company " means a company to which Part II of the Insurance Companies Act 1974 applies..

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