Income Tax (Earnings and Pensions) Act 2003

Section 604: Meaning of “personal pension scheme” and related expressions

2403. This section cross-refers to various definitions and interpretations.

2404. It derives from section 630(1) of ICTA.

2405. The definition of “approved” in section 630(1) of ICTA is:

(a)

in relation to a scheme (other than an approved retirement benefits scheme), means approved by the Board under this Chapter; and

(b)

in relation to arrangements, means -

(i)

made in accordance with a scheme which is for the time being, and was when the arrangements were made, an approved scheme; or

(ii)

made in accordance with a scheme which is for the time being an approved converted scheme but which was, when the arrangements were made, an approved retirement benefits scheme

but does not refer to cases in which approval has been withdrawn.

2406. The definition of “income withdrawal” in section 630(1) of ICTA is:

• a payment of income, under arrangements made in accordance with a personal pension scheme, otherwise than by way of an annuity.

2407. The definition of “personal pension arrangements” in section 630(1) of ICTA is:

• arrangements made by an individual in accordance with a personal pension scheme.

2408. The definition of “personal pension scheme” in section 630(1) of ICTA is:

• a scheme whose sole purpose is the provision of annuities, income withdrawals or lump sums under arrangements made by individuals in accordance with the scheme.