a person who is authorised under Chapter III of Part I of the M5Financial Services Act 1986 to carry on investment business and who carries on business of a kind mentioned in subsection (2) below;

a building society within the meaning of the M6Building Societies Act 1986;

a pension company within the meaning of the M7Building Societies (Designation of Pension Companies) Order 1987 which is an associate of a building society within the meaning of section 18(17) of the Building Societies Act 1986;

an institution authorised under the M8Banking Act 1987;

a body corporate which is a subsidiary or holding company of an institution authorised under the Banking Act 1987, or is a subsidiary of the holding company of such an institution;

a recognised bank or licensed institution within the meaning of the M9Banking Act 1979.

issuing insurance policies or annuity contracts;

managing unit trust schemes authorised under section 78(1) of the Financial Services Act 1986.

contributions by the member, or

contributions by an employer of the member,

to the member, to the extent of his contributions; and

as to the remainder, to his employer.

for at least some part of the year he does not hold an office or employment to which section 645 applies; and

the condition in any of subsections (6) to (9) below is satisfied.

at some time during the five years of assessment preceding the relevant year, has been resident and ordinarily resident in the United Kingdom; and

was resident and ordinarily resident in the United Kingdom when he made the personal pension arrangements in question.

throughout the year he holds an office or employment to which section 645 applies;

the condition in any of subsections (6) to (9) of section 632A is satisfied in his case as respects the year;

he is not, and has not been, a controlling director of a company at any time in the year or in any of the five years of assessment preceding it;

for at least one of the five years of assessment preceding the year, the aggregate of his grossed-up remuneration from each office and each employment held on 5th April in that preceding year does not exceed the remuneration limit for the relevant year; and

the total relevant contributions made in the year do not exceed the earnings threshold for the year.

he is a director, as defined by section 612(1); and

he is within paragraph (b) of section 417(5) in relation to the company.

“grossed up”, in relation to a person’s remuneration from an office or employment, means increased by being multiplied by a figure determined in accordance with an order made by the Treasury (or left unchanged, if that figure is unity);

“remuneration” shall be construed in accordance with an order made by the Treasury;

“the remuneration limit" for any year of assessment is £30,000;

“the relevant year” means the year of assessment first mentioned in subsection (1) above.

The Treasury may by order amend the definition of “the remuneration limit" in paragraph (c) above for any year of assessment by varying the amount there specified.

by the member in question, and

by any employer of his,

in the case of a member, the total relevant contributions in a year of assessment, apart from this subsection, exceed the earnings threshold for the year, and

but for that, the member would be eligible to make contributions by virtue of subsection (1) above at any time in that year,

to the extent that a contribution is the first which caused the total relevant contributions in the year to exceed the earnings threshold for the year, that contribution; and

all subsequent contributions in the year.

the Board,

an officer of the Board, or

the scheme administrator of the personal pension scheme concerned,

the payment of an annuity satisfying the conditions in section 634;

the payment to a member of a lump sum satisfying the conditions in section 635;

the payment after the death of a member of an annuity satisfying the conditions in section 636;

the payment on the death of a member of a lump sum satisfying either the conditions in section 637(1) or those in section 637(2).

it is payable on his becoming incapable through infirmity of body or mind of carrying on his own occupation or any occupation of a similar nature for which he is trained or fitted; or

the Board are satisfied that his occupation is one in which persons customarily retire before that age.

the marriage of the annuitant;

his attaining the age of 18;

the later of his attaining that age and ceasing to be in full-time education.

they are available on his becoming incapable through infirmity of body or mind of carrying on his own occupation or any occupation of a similar nature for which he is trained or fitted, or

the Board are satisfied that his occupation is one in which persons customarily retire before that age.

the total value, at the time when the lump sum is paid, of the benefits provided for by the arrangements made by the member in accordance with the scheme, and

the value, at that time, of such of the member’s rights under the scheme as are protected rights for the purposes of the F10Pension Schemes Act 1993 or the F11Pension Schemes (Northern Ireland) Act 1993.

where before his death the member was in receipt of an annuity under the arrangements, the annual amount (or, if it varied, the highest annual amount) of that annuity; or

where paragraph (a) does not apply, the highest annual amount of the annuity that would have been payable under the arrangements to the member (ignoring any entitlement of his to commute part of it for a lump sum) if it had vested on the day before his death.

the time when the surviving spouse attains that age; or

where the member’s annuity is payable to the surviving spouse for a term certain as mentioned in section 634(5) and the surviving spouse attains the age of 60 before the time when the member’s annuity terminates, that time.

the member was survived by one or more dependants under the age of 18 and at the time of the member’s death the surviving spouse was under the age of 45; and

at some time before the surviving spouse attains that age no such dependant remains under the age of 18.

on his attaining that age; or

on the later of his attaining that age and ceasing to be in full-time education,

the marriage of the annuitant to whom it is payable;

his attaining the age of 18;

the later of his attaining that age and ceasing to be in full-time education.

must be payable by an authorised insurance company; and

must be payable on the death of the member before he attains the age of 75.

must be payable only if no annuity satisfying the conditions in either section 634 or section 636 has become payable; and

subject to subsection (3) below, must represent no more than the return of contributions together with reasonable interest on contributions or bonuses out of profits.

the aggregate amount of the contributions that may be made in a year of assessment by the member and an employer of his under the arrangements, together with the aggregate amounts of such contributions under other approved personal pension arrangements made by that member, does not exceed the permitted maximum for that year; and

any excess is repaid to the member of the extent of his contributions and otherwise to his employer.

the relevant percentage of the member’s net relevant earnings for the year; and

so much of any relief given under section 639(1) for that year as is given by virtue of section 642;

contributions by members;

contributions by employers of members;

minimum contributions paid by the Secretary of State under F15section 43 of the Pension Schemes Act 1993 or by the Department of Health and Social Services for Northern Ireland under F16section 39 of the Pension Schemes (Northern Ireland) Act 1993.

the scheme does not permit the acceptance of contributions from the individual or from the person who is his employer in relation to that office or employment; or

at the time when the minimum contributions are paid the individual is not serving in an office or employment to which section 645 applies.

for the payment of more than one annuity satisfying the conditions in section 634 or 636 (a “qualifying annuity”) and for different such annuities to commence, or be capable of commencing, on different days;

for elections such as are mentioned in section 634A(1) or 636A(1) (“elections for deferral”) to be capable of being made at different times in relation to different portions of the personal pension fund; and

the value, as at the relevant date, of the income withdrawal fund which relates to the election for deferral in connection with it is paid,

the annuity, and any qualifying lump sum payable in connection with it, were benefits provided for by that separate arrangement (instead of by the personal pension arrangement by which it was actually provided (in this subsection referred to as “the relevant arrangement”));

the portion of the personal pension fund applied in the provision of the annuity, together with the amount of any qualifying lump sum payable in connection with the annuity, had been the personal pension fund in the case of that separate arrangement (and were excluded from the personal pension fund in the case of the relevant arrangement);

any election for the annuity, or for such a qualifying lump sum, had been made under that separate arrangement (instead of under the relevant arrangement); and

except in the case of an annuity satisfying the conditions in section 636, the relevant date were the pension date in relation to that separate arrangement (and were not, by reference to that annuity, the pension date in relation to the relevant arrangement).

the income withdrawal fund which relates to the election, together with the amount of any qualifying lump sum payable in connection with the election, had been the personal pension fund in the case of that separate arrangement (and were excluded from the personal pension fund in the case of the relevant arrangement);

the election for deferral, and any election for such a qualifying lump sum, had been made under that separate arrangement (instead of under the relevant arrangement);

the election for deferral had been made in respect of the whole of the income withdrawal fund which relates to the election; and

except in the case of an election such as is mentioned in section 636A(1), the relevant date were the pension date in relation to that separate arrangement (and were not, by reference to that election, the pension date in relation to the relevant arrangement).

may by regulations restrict their discretion to approve a personal pension scheme; and

shall not approve any such scheme if to do so would be inconsistent with any regulations under this section.

the benefits for which the scheme provides;

the investments held for the purposes of the scheme;

the manner in which the scheme is administered;

any other circumstances whatever.

any regulations are made under this section imposing a restriction (“the new restriction") on the Board’s discretion to approve a personal pension scheme;

the new restriction did not exist immediately before the making of the regulations; and

that restriction is one imposed by reference to circumstances other than the benefits for which the scheme provides.

contains a provision of a prohibited description, or

does not contain every provision which is a provision of a required description.

a provision contained in a scheme shall not be treated as being of a prohibited description to the extent that it authorises the retention of an investment held immediately before the day of the making of the new regulations; and

so much of any provision contained in a scheme as authorises the retention of an investment held immediately before that day shall be disregarded in determining if any provision of the scheme is of a required description.

references to a provision of a prohibited description are references to a provision of a description which, by virtue of the new restriction, is a description of provision which, if contained in a personal pension scheme, would prevent the Board from approving it; and

references to a provision of a required description are references to a provision of a description which, by virtue of the new restriction, is a description of provision which must be contained in a personal pension scheme before the Board may approve it.

in the year of assessment preceding that year; or

if he had no net relevant earnings in that preceding year of assessment, in the year of assessment before that.

the individual had paid contributions under approved personal pension arrangements in the year of assessment for which he has the earnings; or

any such contributions paid by him in that year had been greater.

for any year of assessment an individual has relevant earnings from any trade, profession, vocation, office or employment carried on or held by him, and

there is an amount of unused relief for that year,

the individual had paid contributions under approved personal pension arrangements in that year; or

any such contributions paid by him in that year had been greater.

that amount shall not be available for giving relief by virtue of this section for any of the six years following that year; but

the individual may, within the period of six months beginning with the date on which the assessment becomes final and conclusive, elect that relief shall be given under section 639(1), up to that amount, in respect of so much of any contributions paid by him under approved personal pension arrangements within that period as exceeds the maximum applying under section 640 for the year of assessment in which they are paid;

emoluments chargeable under Schedule E from an office or employment held by the individual;

income from any property which is attached to or forms part of the emoluments of an office or employment held by him;

income which is chargeable under Schedule D and is immediately derived by him from the carrying on or exercise by him of his trade, profession or vocation (either as an individual or as a partner acting personally in a partnership);

income treated as earned income by virtue of section 529.

anything in respect of which tax is chargeable under Schedule E and which arises from the acquisition or disposal of shares or an interest in shares or from a right to acquire shares;

anything in respect of which tax is chargeable by virtue of section 148.

the income of the company consists wholly or mainly of investment income; and

the individual, either alone or together with any other persons who are or have been at any time directors of the company, controls the company;

he is a controlling director of the company at any time in the year of assessment in question or has been a controlling director of the company at any time in the ten years immediately preceding that year of assessment, and

any of subsections (6B) to (6E) below applies in his case.

at any time in the year of assessment in question he is in receipt of benefits under a relevant superannuation scheme, and

the benefits are payable in respect of past service with the company.

at any time in the year of assessment in question he is in receipt of benefits under a personal pension scheme.

the scheme has received a transfer payment relating to him from a relevant superannuation scheme, and

the transfer payment is in respect of past service with the company.

at any time in the year of assessment in question he is in receipt of benefits under a relevant superannuation scheme,

the benefits are payable in respect of past service with another company,

the emoluments are for a period during which the company mentioned in subsection (6A) above has carried on a trade or business previously carried on by the other company, and

the other company carried on the trade or business at anytime during the period of service in respect of which the benefits are payable.

at any time in the year of assessment in question he is in receipt of benefits under a personal pension scheme,

the scheme has received a transfer payment relating to him from a relevant superannuation scheme,

the transfer payment is in respect of past service with another company,

the emoluments are for a period during which the company mentioned in subsection (6A) above has carried on a trade or business previously carried on by the other company, and

the other company carried on the trade or business at any time during the period of service in respect of which the transfer payment was made.

a person is a controlling director of a company if he is a director (as defined by section 612(1)), and he is within paragraph (b) of section 417(5), in relation to the company;

“relevant superannuation scheme” has the same meaning as in section 645(1);

references to benefits payable in respect of past service with a company include references to benefits payable partly in respect of past service with the company; and

references to a transfer payment in respect of past service with a company include references to a transfer payment partly in respect of past service with the company.

service in it is service to which a relevant superannuation scheme relates; and

the individual is a participant in the scheme; and

F29subsection (4) below does not apply to his participation in the scheme.

the object or one of the objects of which is the provision, in respect of persons serving in particular offices or employments, of relevant benefits within the meaning of section 612;and

which is established by a person other than the individual F29; and

which is of a description mentioned in section 596(1)(a), (b) or (c).

an annuity payable to his surviving spouse or a dependant of his;

a lump sum payable on his death in service.

deductions which but for section 74(m), (p) or (q) could be made in computing the profits or gains of the individual;

deductions made by virtue of section 198, 201 or 332(3);

deductions in respect of relief under Schedule 9 to the Finance Act 1981 (stock relief);

deductions in respect of losses or capital allowances, being losses or capital allowances arising from activities profits or gains of which would be included in computing relevant earnings of the individualor the individual’s wife or husbandF34.

payments made by the partnership;

relief given to the partnership under Schedule 9 to the Finance Act 1981; or

capital allowances falling to be made to the partnership,

a deduction in respect of such a loss or allowance of the individual as is mentioned in subsection (2)(d) above falls to be made in computing the total income of the individualor the individual’s wife or husbandF36; and

the deduction or part of it falls to be so made from income other than relevant earnings;

an individual holds two or more offices or employments which are associated in that year,

one or more of them is an office or employment to which section 645 applies (“pensionable job”), and

one or more of them is an office or employment to which that section does not apply (“non-pensionable job”).

where the body corporate is a close company, in accordance with section 416, and

where it is not, in accordance with section 840.

subsections (6) to (9) below; and

such conditions or exceptions as may be prescribed.

of such a description as may be prescribed;

in such form as may be prescribed; and

satisfying such conditions as may be prescribed.

requisite evidence;

books, documents or other records relating to any requisite evidence; or

extracts from requisite evidence or from such books, documents or other records.

has no actual relevant earnings in a year of assessment (the “break year”); but

had actual relevant earnings in the preceding year of assessment (the “cessation year”); and

was entitled to make higher level contributions under arrangements under the scheme in any one or more of the six years of assessment preceding the break year (the “reference years”).

notwithstanding anything in subsections (6) to (9) of that section; and

whether or not the qualifying post-cessation year is included among the five years of assessment following the basis year.

it is a year for which the member has any actual relevant earnings;

it is a year throughout which the member holds an office or employment to which section 645 applies; or

it immediately follows a post-cessation year which is not a qualifying post-cessation year.

out of funds which are or have been held for the purposes of a personal pension scheme which is or has at any time been approved; and

to or for the benefit of an individual who has made personal pension arrangements in accordance with the scheme.

it is not expressly authorised by the rules of the scheme; or

it is made at a time when the scheme or the arrangements are not approved and it would not have been expressly authorised by the rules of the scheme or by the arrangements when the scheme, or as the case may be the arrangements, were last so approved.

the annuity shall be charged to tax under Schedule E and section 203 shall apply accordingly;

the annuity shall not be charged to tax under Case III of Schedule D.

as the income for that year of the individual in respect of whom it is paid; and

as contributions paid in that year by that individual under those arrangements.

providing for the recovery by the Secretary of State from the Board, in such circumstances as may be prescribed by the regulations, of any increase attributable to this section in the sums paid by the Secretary of State out of the National Insurance Fund;

requiring the Secretary of State to give the Board such information as may be so prescribed about minimum contributions paid by the Secretary of State;

prescribing circumstances in which this section or any provision of it shall not apply;

making such provision as appears to the Board to be necessary or expedient for the purposes of supplementing the provisions of this section.

references to the Secretary of State were references to the Department of Health and Social Services for Northern Ireland;

references to F44section 43, section 45(1) and section 41(1)(a) of the Pension Schemes Act 1993 were references to F45sections 39, 41(1) and 37(1)(a) of the Pension Schemes (Northern Ireland) Act 1993, respectively; and

references to the National Insurance Fund were references to the Northern Ireland National Insurance Fund.

there is at any time no person who, as the scheme administrator for the relevant scheme, may be assessed to that amount of tax, or is liable to pay it,

the scheme administrator for that scheme cannot for the time being be traced,

there has been such a failure by the scheme administrator for that scheme to meet a liability to pay that amount as the Board consider to be a failure of a serious nature, or

it appears to the Board that a liability of the scheme administrator for that scheme to pay that amount of tax is a liability that he will be, or (were there an assessment) would be, unable to meet out of assets held in accordance with the scheme for the purposes of those arrangements,

the person who (whether or not before the making of the loan) made the arrangements in relation to which the Board’s approval has been withdrawn;

any other person who has at any time (whether or not before the making of the loan) made contributions under those arrangements; and

any person connected, at the time of the making of the loan or subsequently, with a person falling within paragraph (a) or (b) above.

refuse an application by notice under section 631; or

withdraw an approval by notice under section 650;

provision requiring prescribed persons to furnish to the Board, at prescribed times, information relating to any of the matters mentioned in subsection (2) below;

provision enabling the Board to serve a notice requiring prescribed persons to furnish to the Board, within a prescribed time, particulars relating to any of those matters;

provision enabling the Board to serve a notice requiring prescribed persons to produce to the Board, within a prescribed time, documents relating to any of those matters;

provision enabling the Board to serve a notice requiring prescribed persons to make available for inspection on behalf of the Board books, documents and other records, being books, documents and records which relate to any of those matters;

provision requiring prescribed persons to preserve for a prescribed time books, documents and other records, being books, documents and records which relate to any of those matters.

any personal pension scheme which is or has been approved; and

any personal pension arrangements which are or have been approved.

such particulars as the notice may require relating to contributions paid under approved personal pension arrangements made in accordance with the scheme;

such particulars as the notice may require relating to payments by way of return of contributions;

copies of such accounts as the notice may require.

the Board, or any officer of the Board, is authorised or required by or in consequence of any provision of this Chapter to give a notice to the person who is the scheme administrator of a personal pension scheme, but

there is for the time being no scheme administrator for that scheme or the person who is the scheme administrator for that scheme cannot be traced,

the person who established the scheme; or

any person by whom that person has been directly or indirectly succeeded in relation to the provision of benefits under the scheme.

payable to the holder of a qualifying office who is also a Member of the House of Commons; and

payable for a period in respect of which the holder is not a participant in relation to that office in arrangements contained in the Parliamentary pension scheme but is a participant in relation to his membership of the House of Commons in any such arrangements, or for any part of such a period.

if the resolution provides for salary to be paid to Members at different rates according to whether or not they are holders of particular offices or are in receipt of salaries or pensions as the holders or former holders of particular offices, a Member’s yearly salary at the higher or highest rate; and

in any other case, a Member’s yearly salary at the rate specified in or determined under the resolution.

the amount that may be deducted or set off by virtue of section 639(1) in any year of assessment shall be reduced by the amount of any qualifying premiums which are paid in the year by the individual and in respect of which relief is given for the year under section 619(1)(a); and

the relief which, by virtue of section 625, may be given under section 619 by reference to the individual’s unused relief for any year shall be reduced by the amount of any contributions paid by him in that year under the approved personal pension arrangements.

for the contents and form of certificates or other documents which the Board may require the applicant to give them before they grant an application provisionally;

for the making of such amendments of the rules of the scheme after the provisional grant of an application as are necessary to enable the scheme to comply with the requirements of sections 632 to 638, and for those amendments to have effect as from the date of approval of the scheme;

for the withdrawal of approval of the scheme as from that date if it does not comply with the requirements of sections 632 to 638 and such amendments as are mentioned in paragraph (b) above are not made;