(1) A person who carries on an activity of the kind specified by article 37 of the Regulated Activities Order (managing investments), where the assets in question are held for the purposes of an occupational pension scheme, is to be regarded as carrying on that activity by way of business, except where -

(a) he is a person to whom paragraph (2) applies; or

(b) all day to day decisions in the carrying on of that activity (other than decisions falling within paragraph (6)), so far as relating to relevant assets, are taken on his behalf by -

(i) an authorised person who has permission to carry on activities of the kind specified by article 37 of the Regulated Activities Order;

(ii) a person who is an exempt person in relation to activities of that kind; or

(iii) an overseas person.

(2) This paragraph applies to -

(a) any trustee of a relevant scheme who is a beneficiary or potential beneficiary under the scheme; and