PSI17.1.16 - Tax Treatment of Approved Schemes and Payments by Approved Schemes: Tax Treatment of Approved Schemes - Managed Fund Policies

(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)

Managed fund policies, which are described in PSI20.5.11-16, (procedural aspects are covered in PSI22.4.28) may be received, often in connection with a self-administered scheme where they form part of the scheme’s investments. Their main identifying feature is that the bulk of the policy is taken up by a description of the various funds to which premiums can be applied. They are normally “general purpose” policies, that is, not written to secure the benefits under a particular set of scheme rules, and correspondence is achieved by means of an “umbrella” provision.

Contact: | Date issued: | Next review: