(1) The conditions of this section are -

(a) an approved retirement fund shall be held by a qualifying fund manager in the name of the individual who is beneficially entitled to the assets in the fund,

(b) assets held in an approved retirement fund shall consist of and only of one or more of -

(i) assets transferred to the fund by virtue of an option exercised by the individual in accordance with section 784(2A),

(ii) assets which were previously held in another approved retirement fund held in the name of the individual or the individual's deceased spouse or civil partner, and

(iii) assets derived from such assets as are referred to in subparagraphs (i) and (ii),

(c) the individual referred to in paragraph (a) shall, on the opening of an approved retirement fund, make a declaration of the kind mentioned in paragraph (d) to the qualifying fund manager, and

(d) the declaration referred to in paragraph (c) shall be a declaration, in writing, to the qualifying fund manager which -

(i) is made by the individual who is beneficially entitled to the assets in the approved retirement fund,