In general, registered pension schemes receive favourable (ie neutral) tax treatment. The Finance Act 2004 introduced the concept of registered pension schemes1, to which particular tax provisions apply, and most occupational pension schemes in the United Kingdom2 have become registered schemes. Tax relief is given to employees on their contributions to a registered scheme3; employers' contributions are not taxable as income of the employees and employers receive relief in respect of them against income or corporation tax4; while gains from the funds invested are largely exempt from tax5. Pension income, when
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