BIM61855 - Marine pilots: Pilots National Pension Fund

ITEPA03/S587 provides for the approval of a retirement benefits scheme for marine pilots. This is a rare exception to the general rule that earnings assessed under Schedule D cannot be pensioned through an approved occupational pension scheme. The effect of this is that:

• the Pilots' National Pension Fund is treated as an `exempt approved scheme' for the purposes of ICTA88/S592.
• members’ contributions are deductible as an expense in computing pilots’ earnings assessable under Schedule D Case II.

Membership of the Pilots' National Pension Fund is compulsory for all marine pilots holding licences issued by pilotage authorities participating in the Fund.