This manual relates to certain financial arrangements to which Parliament has agreed to apply privileged tax treatment. This is to help encourage saving to provide individuals with income later in life. In the legislation containing the privileged tax treatment, these financial arrangements are referred to as pension schemes.
A scheme is a “pension scheme” if it is set up to provide benefits for/in respect of a person in any of the following circumstances
A "pension scheme" does not have to provide benefits in all of these situations. For example, if it provided benefits on death in service only, it would still fall within the definition of a "pension scheme".
| Glossary ( RPSM20000000) |
