|When a UK financial institution (regulated in the UK and subject to UK laws) writes pension business outside of the UK directly, that is, not through a permanent establishment in the country where the business is written, this will not be a financial account if:
A UK Insurance Company directly writes pension business into the Netherlands, but it has no permanent establishment in the Netherlands. The pension account that is offered fully complies with Dutch pension and tax law, and consequently would be exempt for EU Directive purposes as well as under the Dutch/US FATCA IGA if the financial account was maintained by a Dutch-based Insurance Company.
If the account or product does not meet these criteria, then this will be a non-registered pension in the UK. It may still be an exempt account if: