Introduction

HMRC automatically treated most pre-existing HMRC approved pension schemes as registered pension schemes under the current tax regime which came into effect from 6 April 2006. Other tax-privileged schemes and pension contracts (such as retirement annuity contracts) were also automatically treated as registered pension schemes from the same date.

Pension schemes, if they are to enjoy the associated tax privileges, must register with HMRC. Registration is undertaken through an online process. See the Reporting requirements of a registered pension scheme guidance note.

Registered pension schemes comprise occupational schemes and non-occupational schemes.

Occupational pension schemes

An occupational pension scheme is defined in FA 2004, s 150 as a pension scheme which has been established by an employer or employers, and which provides benefits to or in respect of employees of the employer who has established the scheme, or employees of any other employer.

An occupational scheme may, under section 150, ‘provide benefits to or in respect of other persons’. In other words, an occupational pension scheme is not restricted in terms of