This subtopic provides an overview of the UK pension system for the Private Client practitioner, including regulation, governance, taxation, lifetime planning, the treatment of pension funds on death and overseas aspects of pension schemes.
In the UK, most private sector occupational pension schemes are established under trust and are therefore subject to trust law in addition to pensions legislation. By contrast, many modern personal pension schemes are contract-based rather than trust-based, although some continue to be established under trust. Trustees of trust-based schemes must act in accordance with the trust deed and rules, applicable legislation and their fiduciary duties, including acting in the best interests of scheme beneficiaries.
Most public service pension schemes are established by statute and governed principally by their scheme regulations and overriding legislation rather than trust law. A small number of public sector arrangements remain trust-based.
For further details, see Practice Note: An introduction to the UK pension systems for the private client practitioner—how pension schemes are governed and the key regulatory bodies.
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