16In section 323(4) of the Taxes Act (insurance companies: interpretation of “pension business”), after paragraph (ab) there shall be inserted—
“(ac)any annuity contract entered into for the purposes of—
(i)a scheme which is approved or is being considered for approval under Chapter II of Part II of the [1970 c. 24.] Finance Act 1970,
(ii)a statutory scheme as defined in section 26 of that Act, or
(iii)a fund to which section 36 of the [1980 c. 48.] Finance Act 1980 applies,
being a contract which is approved by the Board and made with the persons having the management of the scheme or fund (or those persons and a member of or contributor to the scheme or fund) and by means of which relevant benefits as defined in section 26 of the [1970 c. 24.] Finance Act 1970 (but no other benefits) are secured,
(ad)any annuity contract approved by the Board which is entered into in substitution for a contract within paragraph (ac) above,”.