(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)
An approved retirement benefits scheme automatically
qualifies as an "exempt approved scheme" (see
PSI1.1.1) if it is set up under
"irrevocable trusts". There are no formal requirements for creating
a trust except under Scottish law (see
PSI1.3.24). All that is needed for the
person setting up the trust (the settlor) is to show a clear
intention to create a trust and point to the trust property, the
beneficiaries and the purpose of the trustees.
