(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
The primary role of the PSO is to exercise the Board's
discretionary powers under section 591 ICTA '88 (formerly section
20 Finance Act 1970) to approve retirement benefits schemes set up
by employers for their employees. Approval enables employers and
employees to obtain tax relief on their contributions; and exempts
from tax the income and capital gains from the scheme's
investments. The office also approves personal pension schemes
under which the self-employed, and employees who have no other
pension arrangements, can provide for their own retirement.
The head of PSO is the Controller (Pay Band A2). The
Controller is supported by 2 Assistant Controllers (Pay Band B1)
each of whom has responsibility for the control and direction of
particular aspects of PSO work.
