The Personal Pension Schemes (Establishment of Schemes) Order 1988

• Citation: S.I. 1988/993
• Sections: 4

Section 1 Citation and commencement

This Order may be cited as the Personal Pension Schemes (Establishment of Schemes) Order 1988 and shall come into force on 1st July 1988.

Section 2 Interpretation

In this Order“ the Act ” means the Income and Corporation Taxes Act 1988.

Section 3 Amendments to the Act

In section 632(1) of the Act—

(a) after paragraph (b) there shall be inserted—

(bb) a pension company within the meaning of the Building Societies (Designation of Pension Companies) Order 1987 which is an associate of a building society within the meaning of section 18(17) of the Building Societies Act 1986 ;

(b) after paragraph (c) there shall be inserted—

(cc) a body corporate which is a subsidiary or holding company of an institution authorised under the Banking Act 1987 , or is a subsidiary of the holding company of such an institution;

Section 4 Amendments to the Act

After section 632(2) of the Act there shall be inserted—

(2A) In subsection 1(cc) above“holding company” and“subsidiary” are to be construed in accordance with section 736 of the Companies Act 1985 or Article 4 of the Companies (Northern Ireland) Order 1986 .