PSI3.1.16 - Membership of Schemes: Eligibility - Particular Types of Employees - Lloyds Underwriting Syndicates

(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)

You may sometimes receive an application for approval of a scheme for people alleged to be employed by Lloyds underwriting syndicates. A Lloyds underwriting syndicate is not a legal entity. Each syndicate comprises a group of people who share insurance risk in accordance with fractions shown on a list of their names. Each underwriter is separately assessed under Case I of Schedule D on his or her fractional share of the profits made by the syndicate to which he or she belongs. Underwriting profits are consequently not pensionable (see PSI22.3.21-23).

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