Qualifying arrangements
6.—(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 Contracting-out (Transfer and Transfer Payment) Regulations (Northern S.R. 1996/618. Ireland) 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 Department may prescribe by regulations.
(3) In this paragraph “ordinary long-term insurance business” has the same meaning as in the[1982 c. 50.] Insurance Companies Act 1982.