The Principal Act is amended in section 48 by substituting the following for paragraph (b) of subsection (3):

"(b) the making of one or more payments under policies or contracts of assurance that are effected on behalf of the member with one or more undertakings (within the meaning of the Insurance Act 1989) which policies or contracts are approved -

(i) by the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997, or

(ii) by the Board under section 53B (inserted by section 42 of the Social Welfare and Pensions Act 2010),

and which policies or contracts of assurance shall not be deemed to be an occupational pension scheme for the purposes of this Act, or".