40.—(1) Section 26 (quality requirement: UK personal pension schemes) is amended as follows.
(2) In subsection (1), after “personal pension scheme” insert “that is a defined contributions scheme”.
(3) Omit subsection (3) (requirement for all benefits to be money purchase benefits).
(4) In subsection (4), for “second condition” substitute “first condition”.
(5) In subsection (6), for “third condition” substitute “second condition”.
(6) In subsection (7), for “fourth condition” substitute “third condition”.