M1In this Chapter—

• “approved”—

  1. a

     in relation to a scheme F8(other than an approved retirement benefits scheme), means approved by the Board under this Chapter; and

  2. b

     in relation to arrangements, means—

     1. i

        F9made in accordance with a scheme which is for the time being, and was when the arrangements were made, an approved schemeF10; or

  3. ii

     made in accordance with a scheme which is for the time being an approved converted scheme but which was, when the arrangements were made, an approved retirement benefits scheme;

  but does not refer to cases in which approval has been withdrawn;

• F11“approved converted scheme” means an approved personal pension scheme which is such a scheme by virtue of paragraph 3(2)(b) of Schedule 23ZA;

• F12“approved retirement benefits scheme” means a retirement benefits scheme approved under Chapter I of this Part;

• F4“authorised insurance company” has the meaning given by section 659B;

• F13“the earnings threshold” for any year of assessment is £3,600;

• F14“higher level contributions”, in the case of any year of assessment, means contributions in excess of the earnings threshold for the year;

• F15“income withdrawal” means a payment of income, under arrangements made in accordance with a personal pension scheme, otherwise than by way of an annuity;

• “member”, in relation to a personal pension scheme, means an individual who makes arrangements in accordance with the scheme;

• F5“pension date”, in relation to any personal pension arrangements, means F16(subject to section 638ZA) the date determined in accordance with the arrangements on which—

  1. a

     an annuity such as is mentioned in section 634 is first payable, or

  2. b

     the member elects to defer the purchase of such an annuity and to make income withdrawals in accordance with section 634A;

• “personal pension arrangements” means arrangements made by an individual in accordance with a personal pension scheme;

• F17“the personal pension fund”, in the case of any personal pension arrangement and an individual, means the accrued rights to which the individual is entitled conferring prospective entitlement to benefits under the arrangement;

• “personal pension scheme” means a scheme whose sole purpose is the provision of annuities F6, income withdrawals or lump sums under arrangements made by individuals in accordance with the scheme;

• F18“retirement benefits scheme” has the same meaning as in Chapter I of this Part (see section 611);

• “scheme administrator” means the person referred to in section 638(1);

F2and references to an employee or to an employer include references to the holder of an office or to the person under whom an office is held.

The Treasury may by order amend the definition of “the earnings threshold” in subsection (1) above for any year of assessment by varying the amount there specified.

F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Board may make provision by regulations as to the basis on which the tables mentioned in subsection (2)(b) above are to be prepared and the manner in which they are to be applied.

An application to the Board for their approval of a personal pension scheme shall be in such form, shall contain such information, and shall be accompanied by such documents, in such form, as the Board may prescribe.

The Board may at their discretion grant or refuse an application for approval of a personal pension scheme, but their discretion shall be subject to the restrictions set out in sections 632 to F23638AF24(and, where applicable, Schedule 23ZA).

An application for approval of a personal pension scheme may, if the Board think fit, be granted subject to conditions.

If an amendment is made to an approved scheme without being approved by the Board, their approval of the scheme shall cease to have effect.