RPSM02201020 - Member pages: Registering a pension scheme with HMRC: can I set up my own pension scheme? Who can set up a registered pension scheme?

Who can set up a registered pension scheme?

For a pension scheme to apply to be registered with HMRC between 6 April 2006 and 5 April 2007, the scheme had to have been set up by one of the following

• an employer – in respect of its own or any other employees,
• more than one employer – collectively in respect of their own or any other employees,
• a Government Department or Minister or a UK Parliamentary body,
• an insurance company,
• a unit trust scheme manager,
• an operator, trustee or depository of a recognised European Economic Area (EEA) collective investment scheme,
• an authorised open-ended investment company,
• a building society,
• a bank, or
• a European Economic Area (EEA) Investment Portfolio Manager.

From 6 April 2007

The rules on who can establish a registered pension scheme that is not an occupational pension scheme were changed from 6 April 2007. For pension schemes applying for registration with HMRC on or after that date, the scheme must be established by a person with permission under the Financial Services and Markets Act 2000 to establish in the UK a personal pension scheme or a stakeholder pension scheme. This permission is granted by the Financial Services Authority (FSA).

There was no change to the rules on who can establish a registered pension scheme that is an occupational pension scheme (an employer, or employers, see first two bullets above), or a public service pension scheme (see third bullet above).

The extended FSA-regulated activity relating to personal pension schemes (including self- invested personal pension schemes) and stakeholder pension schemes was introduced from 6 April 2007.