IHTM17020 - Pensions: types of pension scheme before 6 April 2006

The four main categories of pension scheme are

• occupational or company schemes (IHTM17021)
• personal pension plans (IHTM17022)
• retirement annuity contracts (IHTM17023)
• unapproved schemes (IHTM17024)

The first three of the above schemes are collectively referred to as ‘approved schemes’ (IHTM17001) in this section.

The Inheritance Tax treatment is basically the same for all four categories apart from where it relates to:

• unapproved schemes,
• the application (IHTM17122) of IHTA84/S151, and
• the gift with reservation (IHTM17073) provisions.