(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)
[PN Appendix 1 & Glossary]
Section 611 ICTA 88 defines a "retirement benefits scheme" as
including "a deed, agreement, series of agreements, or other
arrangements providing for relevant benefits". In this context
"scheme" needs to be broadly interpreted to include any
agreement/arrangement creating a legally enforceable right to the
benefits it provides and an arrangement to pay ex-gratia relevant
benefits (but see
PSI1.1.7-1.1.10 in respect of the
latter). Where the scheme is set up under trust these rights will
be set out in its documentation, and are also governed by general
trust law. Where there is no trust the members' rights to benefits
can be enforced only under the law of contract.
