Income and Corporation Taxes Act 1988 (c. 1)

PART XIV U.K. PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.

CHAPTER IV U.K. PERSONAL PENSION SCHEMES

Preliminary U.K.

630 Interpretation. U.K.

M1 In this Chapter—

• “approved”—

  (a)

  in relation to a scheme, means approved by the Board under this Chapter; and

  (b)

  in relation to arrangements, means made in accordance with a scheme which is for the time being, and was when the arrangements were made, an approved scheme;

  but does not refer to cases in which approval has been withdrawn;

• “authorised insurance company” means either—

  (a)

  a person authorised under section 3 or 4 of the M2 Insurance Companies Act 1982 to carry on long term business and acting through a branch or office in the United Kingdom; or

  (b)

  a society registered as a friendly society under the M3 Friendly Societies Act 1974 or the M4 Friendly Societies Act (Northern Ireland) 1970;

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

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

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

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

• [F1 and 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.]

Textual Amendments

F1 1988(F) s.55(1)—from 1July 1988.

Marginal Citations

M1 Source-1987 (No.2) s.18

M2 1982 c. 50.

M3 1974 c. 46.

M4 1970 c. 31 (N.I.).