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(1)The Board shall not approve a personal pension scheme unless they are satisfied that there is a person resident in the United Kingdom who will be responsible for the management of the scheme.
(2)The Board shall not approve a personal pension scheme unless it makes such provision for the making, acceptance and application of transfer payments as satisfies any requirements imposed by or under regulations made by the Board.
(3)The Board shall not approve a personal pension scheme unless it makes provision, in relation to arrangements made in accordance with the scheme, for ensuring that—
(a)the aggregate amount of the contributions that may be made in a year of assessment by the member and an employer of his under the arrangements, together with the aggregate amounts of such contributions under other approved personal pension arrangements made by that member, does not exceed the permitted maximum for that year; and
(b)any excess is repaid to the member to the extent of his contributions and otherwise to his employer.
(4)In subsection (3) above “the permitted maximum” for a year of assessment means an amount equal to the aggregate of—
(a)the relevant percentage of the member’s net relevant earnings for the year; and
(b)so much of any relief given under section 639(1) for that year as is given by virtue of section 642;
and references in subsection (3) to contributions by the member do not include references to contributions treated by virtue of section 649(3) as paid by him.
(5)In subsection (4) above “the relevant percentage” means 17.5 per cent. or, in a case where section 640(2) applies, the relevant percentage there specified.
(6)The Board shall not approve a personal pension scheme which permits the acceptance of contributions other than—
(a)contributions by members;
(b)contributions by employers of members;
(c)minimum contributions paid by the Secretary of State under Part I of the [1986 c. 50.] Social Security Act 1986 or by the Department of Health and Social Services for Northern Ireland under Part II of the [S.I. 1986/1888 (N.I. 18).] Social Security (Northern Ireland) Order 1986.
(7)The Board shall not approve a personal pension scheme which permits the acceptance of minimum contributions paid as mentioned in subsection (6)(c) above in respect of an individual’s service—
(a)as director of the company, if his emoluments as such are within section 644(5); or
(b)in an office or employment to which section 645 applies.
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