PSI3.3.20 - Membership of Schemes: Directors - Directors' Fees

(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)

(This text has been withheld because of exemptions in the Freedom of Information Act 2000)

Not all directors receive a normal salary. Some, who may be working for a number of companies, just receive fees. A director of this type may be admitted to scheme membership provided that:

1. he or she is beneficially entitled to the fees and is not under an obligation to account for them to another company or employer, and
2. the fees and other remuneration are not being assessed under Schedule D, for example as a receipt of a profession in which the director is engaged.

[PN3.6]

See also PSI6.4.27-29 about the benefits which may be given.