Section 615 scheme

Section 615 scheme
Referring to section 615(6) of the Income and Corporation Taxes Act 1988, an occupational pension scheme that:
• Is established under trust by an employer that operates wholly or partly outside the UK.
• Provides retirement benefits for employees that work wholly outside the UK.
Section 615 schemes are exempt from many, but not all, of the regulatory provisions that apply to pension schemes in the UK. They count neither as registered pension schemes nor employer-financed retirement benefit schemes. But lump sums paid from section 615 schemes have historically been free of income tax by extra-statutory concession A10.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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