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Finance Act 2004

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This is the original version (as it was originally enacted).

150Meaning of “pension scheme”

(1)In this Part “pension scheme” means a scheme or other arrangements, comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of persons—

(a)on retirement,

(b)on death,

(c)on having reached a particular age,

(d)on the onset of serious ill-health or incapacity, or

(e)in similar circumstances.

(2)A pension scheme is a registered pension scheme for the purposes of this Part at any time if it is at that time registered under Chapter 2.

(3)In this Part “public service pension scheme” means a pension scheme—

(a)established by or under any enactment,

(b)approved by a relevant governmental or Parliamentary person or body, or

(c)specified in an order made by the Treasury.

(4)In subsection (3) “a relevant governmental or Parliamentary person or body” means—

(a)a Minister of the Crown or a government department,

(b)the Scottish Parliament, the Scottish Parliamentary Corporate Body or a member of the Scottish Executive,

(c)the National Assembly for Wales, or

(d)the Northern Ireland Assembly, the Northern Ireland Assembly Commission, a Northern Ireland Minister, the head of a Northern Ireland department or a Northern Ireland department.

(5)In this Part “occupational pension scheme” means a pension scheme established by an employer or employers and having or capable of having effect so as to provide benefits to or in respect of any or all of the employees of—

(a)that employer or those employers, or

(b)any other employer,

(whether or not it also has or is capable of having effect so as to provide benefits to or in respect of other persons).

(6)In this Part “sponsoring employer”, in relation to an occupational pension scheme, means the employer, or any of the employers, to or in respect of any or all of whose employees the pension scheme has, or is capable of having, effect so as to provide benefits.

(7)In this Part “overseas pension scheme” means a pension scheme (other than a registered pension scheme) which—

(a)is established in a country or territory outside the United Kingdom, and

(b)satisfies any requirements prescribed for the purposes of this subsection by regulations made by the Board of Inland Revenue.

(8)In this Part “recognised overseas pension scheme” means an overseas pension scheme which—

(a)is established in a country or territory prescribed, or of a description prescribed, for the purposes of this subsection by regulations made by the Board of Inland Revenue, or

(b)satisfies any requirements so prescribed.

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