Pension scheme types

Produced by Tolley in association with

Employment Tax

Guidance

In the Autumn Statement 2023, the Government announced a whole suite of policies around pensions reform which may affect employer requirements in providing pensions to employees. For details, please see the Pension contributions and pension advice guidance note.

The main types of pensions arrangements in the UK are:

•
occupational pensions, including master trust schemes such as the National Employment Savings Trust (NEST)
•
personal pensions, including stakeholder pensions

This guidance note provides an overview of these schemes.

Registered pension schemes

Before summarising the types of scheme listed above, it is important to be aware that this guidance note discusses registered pension schemes only. A pension scheme is a registered pension scheme at any time when, either through having applied for registration and been registered by HMRC, or through acquiring registered status by virtue of being an approved pension scheme on 5 April 2006, it is registered under FA 2004, ss 153–159. See the Qualifying conditions for registering a pension scheme guidance note for more details.

Unregistered pension schemes do not enjoy the same favourable

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David Everett

Partner, Lane Clark & Peacock , Employment Tax

David Everett, is the head of the Pensions Research team at LCP. One of his key roles is to analyse and communicate regulatory and professional developments to audiences both within and outside LCP.David has built up many years of experience in the occupational pensions regulatory field covering a broad spectrum including government policy and legislation, particularly that emanating from the Department for Work and Pensions, the Pensions Regulator, the Pension Protection Fund and other compensation schemes, the Pensions Ombudsman and the Courts and the technical and ethical regulation of actuaries through the Financial Reporting Council and the Institute and Faculty of Actuaries respectively.He also assists the ACA in responding to government consultations.He's the editor of LCP's weekly Pensions Bulletin and undertakes other technical writing for the firm, as well as contributing to TolleyGuidance Employment taxes for the Pensions module.

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