PART XIVPENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.
CHAPTER IVPERSONAL PENSION SCHEMES
Restrictions on approval
632Establishment of schemes
1
The Board shall not approve a personal pension scheme established by any person other than—
a
a person who is authorised under Chapter III of Part I of the [1986 c. 60.] Financial Services Act 1986 to carry on investment business and who carries on business of a kind mentioned in subsection (2) below;
b
a building society within the meaning of the [1986 c. 53.] Building Societies Act 1986;
c
an institution authorised under the [1987 c. 22.] Banking Act 1987;
d
a recognised bank or licensed institution within the meaning of the [1979 c. 37.] Banking Act 1979.
2
The kinds of business referred to in subsection (1)(a) above are—
a
issuing insurance policies or annuity contracts;
b
managing unit trust schemes authorised under section 78(1) of the Financial Services Act 1986.
3
Subsection (1) above shall not apply in relation to a scheme approved by the Board by virtue of section 620(5) if it was established before 4th January 1988.
4
The Treasury may by order amend this section as it has effect for the time being.