individual pension contract

a pension policy or pension contract under which contributions are paid to:

1. (a) a personal pension scheme; or
2. (b) a retirement benefits scheme60 for the provision of relevant benefits by means of an annuity contract made with an insurance company of the employee's choice560 where that contract:60
   1. (i) was approved under section 591(2)(g) of the Income and Corporation Taxes Act 1988 (when that section was in force); or60
   2. (ii) is a registered pension scheme under Chapter 2 of Part 4 of the Finance Act 2004.60