RPSM02300060 - Scheme administrator pages: Registering a pension scheme with HMRC: what is a pension scheme? Who can establish a pension scheme?

Who can establish a pension scheme?

6 April 2006 to 5 April 2007

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 United Kingdom (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
• 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 with effect 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 from the Financial Services Authority (FSA) under the Financial Services and Markets Act 2000 to establish in the UK a personal pension scheme or a stakeholder pension scheme.

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).

FSA permission

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) was amended by SI 2006/1969 to widen the regulated activity relating to stakeholder pension schemes so that it extends to all personal pension schemes, including self-invested personal pension schemes. This new FSA-regulated activity was introduced from 6 April 2007.