SCHEDULES
SCHEDULE 5 Pension credits: mode of discharge
Qualifying arrangements
I606
1
The following are qualifying arrangements for the purposes of this Schedule—
a
an occupational pension scheme,
b
a personal pension scheme,
c
an appropriate annuity contract,
d
an appropriate policy of insurance, and
e
an overseas arrangement within the meaning of the M78Contracting-out (Transfer and Transfer Payment) Regulations 1996.
2
An annuity contract or policy of insurance is appropriate for the purposes of sub-paragraph (1) if, at the time it is entered into or taken out, the insurance company with which it is entered into or taken out—
a
is carrying on ordinary long-term insurance business in the United Kingdom or any other member State, and
b
satisfies such requirements as the Secretary of State may prescribe by regulations.
3
In this paragraph, “ordinary long-term insurance business” has the same meaning as in the M79Insurance Companies Act 1982.