The Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001

Schemes awaiting approval

11.—(1) Where at the date of coming into force of these Regulations a personal pension scheme is in existence and either—

(a) has not yet been submitted to the Board for approval, or

(b) is before the Board for approval,

the Board shall not be prevented from approving it under Chapter IV of Part XIV of the Taxes Act by reason only that it contains a provision or provisions of a description specified in any of sub-paragraphs (a) to (c) of paragraph (2).

(2) The description of provisions specified in this paragraph is—

(a) a provision which authorises the scheme to retain as an investment an asset—

(i) which is held by the scheme immediately before the date on which these Regulations were made, and

(ii) the holding of which directly or indirectly as an investment would, by virtue of regulation 6 or 7, prevent the Board from approving the scheme;

(b) a provision which authorises the scheme to continue to lend money to a person in circumstances which, by virtue of regulation 8, would prevent the Board from approving the scheme;

(c) a provision which authorises the scheme to acquire, sell or lease any interest in an asset in circumstances which, by virtue of regulation 9, would prevent the Board from approving the scheme.