263. Restriction on purchase of annuities.

The Secretary of State1 must by regulations2 make provision for securing that, during the period of nine months beginning with the date on which the regulations come into force, the trustees of relevant pension schemes3 are prohibited from purchasing, or agreeing to purchase, annuities4 on behalf of qualifying members5, unless: (1) before that date they have entered into a binding commitment to purchase the annuities; or (2) the purchase of the annuities is approved6 in pursuance of the provision below7. The regulations must make provision: (a) for enabling the trustees of a relevant pension scheme to apply to the