2.—(1) A personal pension scheme can be an appropriate scheme only if it is approved by the Commissioners of Inland Revenue under either—
(a)Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988(1); or
(b)Chapter I of Part XIV of that Act by reference to section 591(2)(h) of that Act,
and in either case it takes one of the forms (but not more than one) specified in paragraph (2).
(2) The forms referred to in paragraph (1) are—
(a)an arrangement for the issue of policies of insurance or annuity contracts;
(b)a unit trust scheme of a kind mentioned in Part I of Schedule 1 which has been authorised under section 78(1) of, or by virtue of paragraph 9 of Schedule 15 to, the Financial Services Act 1986(2);
(c)subject to paragraph (3), an arrangement for the investment of contributions in an interest-bearing account which expression includes shares in or deposits with a building society.
(3) For the purposes of paragraph (2)(c) the rules of the personal pension scheme shall provide that, at the minimum, there shall be invested in the interest-bearing account any payments which, under section 6(3) or under regulation 3 of the Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997(3), are those from which are derived protected rights.