Destination for pension credit — general
12. The requirements referred to in paragraph 7(1)(b) of Schedule 5 (requirements to be satisfied to qualify pension arrangements as destinations for pension credits) are that the pension arrangement—
(a)is an arrangement which carries on pension business as defined by section 431B of the Income and Corporation Taxes Act 1988(1) (meaning of “pension business”);
(b)is an overseas arrangement within the meaning given in regulation 1(2) of the Transfer and Transfer Payment Regulations (interpretation), or
(c)is an overseas scheme within the meaning given in regulation 1(2) of the Transfer and Transfer Payment Regulations(2).
Section 431B was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4)
The definition of “overseas scheme” was amended by paragraph 10(2) of the Schedule to S.R. 1997 No.160