(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)
[PN2.4]
An oral trust is created by word of mouth rather than by
written document. This includes a directors' resolution which may
be accepted as a valid trust (subject to what is said in
PSI1.3.23). A contention that any other
type of oral trust is valid is likely to be an attempt to show that
an exempt approved scheme came into existence before the formal
interim deed was executed. Any such case should be referred to the
Divisional Manager. (See also
PSI1.3.10&11).
