PSI3.3.8 - Membership of Schemes: Directors - Controlling Directors of Investment Companies

(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)

[PN3.8]

Schemes are sometimes set up for employees of investment companies. This is normally acceptable where benefits are provided solely for ordinary employees. But is not our practice to exercise discretion to approve schemes for controlling directors or for directors with a smaller shareholding where the company is family controlled. We may also follow this line where control rests with two families; or where an employee owns no shares if there is a strong family connection. Follow the procedure in PSI22.3.16-17 in such cases.

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