The following Pensions guidance note provides comprehensive and up to date legal information covering:
Registration provides advantageous tax reliefs and exemptions for a pension scheme and its members, including the following:
tax relief on member contributions up to certain limits
tax relief on employer contributions
no liability to income tax arises in respect of earnings where an employer makes contributions under a registered pension scheme in respect of an employee
certain lump sums paid to members on retirement (eg a pension commencement lump sum) or following a member's death will not be liable to income tax provided they are within the member's lifetime allowance
most investment income is exempt from income tax
gains from the disposal of scheme investments are exempt from capital gains tax
For this reason, the majority of pension schemes are registered pension schemes. Non-registered pension schemes, if they are occupational pension schemes, are treated as Employer Financed Retirement Benefit Schemes (EFRBS) for tax purposes.
An application must be made in order to register a pension scheme. The application can only be made by the scheme administrator. For more information on the scheme administrator, see Requirement for a scheme administrator, below.
Up until 3 June 2018, applications had to be made by using the Pension Schemes Online service. On 4 June 2018, HMRC moved pension scheme registration services to a digital platform known as ’Managing
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