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

C1CHAPTER IV PERSONAL PENSION SCHEMES

Annotations:
Modifications etc. (not altering text)

Restrictions on approval

633 Scope of benefits.

M11

The Board shall not approve a personal pension scheme which makes provision for any benefit other than—

a

the payment of an annuity satisfying the conditions in section 634 F1or income withdrawals with respect to which the conditions in section 634A are satisfied ;

b

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

c

the payment after the death of a member of an annuity satisfying the conditions in section 636 F2or income withdrawals with respect to which the conditions in section 636A are satisfied ;

d

the payment on the death of a member of a lump sum satisfying F3the conditions in section 637 (death benefit); .

F4e

the payment on or after the death of a member of a lump sum F5with respect to which the conditions in section 637A (return of contributions) are satisfied

2

Subsection (1) above shall not prevent the approval of a scheme which makes provision for insurance against a risk relating to the non-payment of contributions.