(1) Where -
(a) an IREF would otherwise be a personal portfolio IREF in accordance with section 739M(3)(a), and
(b) the pension scheme, undertaking or company, as the case may be, in respect of which it is a personal portfolio IREF would not be a personal portfolio IREF under section 739M(3)(b)(i),
then the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(2) Where an IREF would only be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) because of a scheme of amalgamation to which section 739D(8C) applied, the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(3) Where an IREF would be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) solely because a person connected with the unit holder may select or influence the IREF assets or IREF business where that connected person can not -
(a) be influenced by that unit holder in
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