a person who is authorised under Chapter III of Part I of the M2Financial 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 M3Building Societies Act 1986;

a pension company within the meaning of the M4Building 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 M5Banking 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 M6Banking Act 1979.

issuing insurance policies or annuity contracts;

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

lawfully carries on long term business in the United Kingdom if it does so through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 M10 as are applicable have been complied with;

lawfully provides long term insurance in the United Kingdom if such of those requirements as are applicable have been complied with in respect of the insurance.

references to an EC company shall be construed in accordance with section 2(6) of the Insurance Companies Act 1982;

references to long term business shall be construed in accordance with section 1(1) of that Act;

references to the provision of long term insurance in the United Kingdom shall be construed in accordance with section 96A(3A) of that Act.

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 F14or income withdrawals with respect to which the conditions in section 634A are satisfied ;

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 F15or income withdrawals with respect to which the conditions in section 636A are satisfied ;

the payment on the death of a member of a lump sum satisfying F16the conditions in section 637 (death benefit); .

the payment on or after the death of a member of a lump sum F18with respect to which the conditions in section 637A (return of contributions) are satisfied

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.

an annuity may be assigned or surrendered for the purpose of giving effect to a pension sharing order or provision; and

an annuity for a term certain may be assigned by will or by the annuitant’s personal representatives in the distribution of his estate so as to give effect to a testamentary disposition, or to the rights of those entitled on an intestacy, or to an appropriation of it to a legacy or to a share or interest in the estate.

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 F26the arrangements in question, and

the value, at that time, of such of the member’s rights F27under those arrangements as are protected rights for the purposes of the F21Pension Schemes Act 1993 or the F22Pension 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 F29been purchased on the day before his death.

to the annual amount or highest annual amount of an annuity of which the member was in receipt before his death, and

to the highest annual amount of an annuity that would have been payable if it had been purchased on the day before the member’s 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.

an annuity may be assigned or surrendered for the purpose of giving effect to a pension sharing order or provision; and

an annuity for a term certain may be assigned by will or by the annuitant’s personal representatives in the distribution of his estate so as to give effect to a testamentary disposition, or to the rights of those entitled on an intestacy, or to an appropriation of it to a legacy or to a share or interest in the estate.

any income withdrawals, and

any purchases of annuities such as are mentioned in section 636.

no such annuity as is mentioned in section 634 has been purchased by the member;

no such annuity as is mentioned in section 636 has been purchased in respect of the relevant interest; and

no election in accordance with subsection (5)(a) of section 636 has been made in respect of the relevant interest.

has elected in accordance with section 636A to defer the purchase of an annuity; and

has died during the period of deferral.

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 F37Board under F33section 43 of the Pension Schemes Act 1993 or F38. . . under F34section 39 of the Pension Schemes (Northern Ireland) Act 1993.

the acceptance of further contributions, and

the making of transfer payments,

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.