registered pension scheme
- registered pension scheme
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With effect from 6 April 2006, both occupational pension schemes and personal pension schemes may apply to HM Revenue & Customs to be registered. A registered pension scheme must comply with the rules on the amounts of contributions and benefits that may be paid to and from the scheme without incurring a tax liability. A registered pension scheme would have been an approved occupational pension scheme prior to 6 April 2006.
+ registered pension scheme
United Kingdom
An occupational pension scheme or personal pension scheme that is registered with HM Revenue & Customs under the Finance Act 2004. Approved schemes that already existed on 5 April 2006 were deemed to be registered pension schemes from the following day, when pensions tax simplification came into effect. A registered scheme must comply with statutory provisions relating to the amounts of contributions and benefits that can be paid without incurring a tax charge. Payments that are outside these restrictions are known as unauthorised payments.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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