Income and Corporation Taxes Act 1988

611 Definition of “retirement benefits scheme”. U.K.

(1) M1 In this Chapter “retirement benefits scheme” means, subject to the provisions of this section, a scheme for the provision of benefits consisting of or including relevant benefits, but does not include—

[F1 (a)] any national scheme providing such benefits[F2 ; or

(b) any scheme providing such benefits which is an approved personal pension scheme under Chapter IV of this Part].

(2) References in this Chapter to a scheme include references to a deed, agreement, series of agreements, or other arrangements providing for relevant benefits notwithstanding that it relates or they relate only to—

(a) a small number of employees, or to a single employee, or

(b) the payment of a pension starting immediately on the making of the arrangements.

(3) The Board may, if they think fit, treat a F3 . . . scheme relating to [F4 scheme members] of two or more different classes or descriptions as being for the purposes of this Chapter [F5 and Chapter IV of this Part] two or more F3 . . . benefits schemes relating respectively to such one or more of those classes or descriptions of those [F4 scheme members] as the Board think fit.

(4) For the purposes of this section, and of any other provision of this Chapter—

(a) [F6 scheme members] may be regarded as belonging to different classes or descriptions if they are employed by different employers; and

(b) a particular class or description of [F7 scheme member] may consist of a single [F7 scheme member], or any number of [F7 scheme members], however small.

(5) M2 Without prejudice to subsections (3) and (4) above, the Board may continue to treat as two different schemes, for the purposes of this Chapter, any retirement benefits scheme which, in pursuance of paragraph 5 of Schedule 3 to the Finance Act 1971 (schemes in existence before 5th April 1973), they treated, immediately before the coming into force of this Chapter, as two separate schemes for the purposes of Chapter II of Part II of the Finance Act 1970.

[F8 (6) In this section “scheme member”, in relation to a scheme means—

(a) an employee; or

(b) a person whose rights under the scheme derive from a pension sharing order or provision[F9 ; or

(c) if the scheme is an approved personal pension scheme under Chapter IV of this Part, any other person who is a member of the scheme.]]

Textual Amendments

F1 Words in s. 611(1) renumbered as s. 611(1)(a) (28.7.2000) by virtue of Finance Act 2000 (c. 17), Sch. 13 para. 4(2) (with Sch. 13 Pt. 2)

F2 S. 611(1)(b) and preceding word added (28.7.2000) by Finance Act 2000 (c. 17), Sch. 13 para. 4(2) (with Sch. 13 Pt. 2)

F3 Words in s. 611(3) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 13 para. 4(3)(a), Sch. 40 Pt. 2(4) (with Sch. 13 Pt. 2)

F4 Words in s. 611(3) substituted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para. 9(1)

F5 Words in s. 611(3) inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 13 para. 4(3)(b) (with Sch. 13 Pt. 2)

F6 Words in s. 611(4)(a) substituted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 13 para. 4(4) (with Sch. 13 Pt. 2)

F7 Words in s. 611(4)(b) substituted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para 9(1)

F8 S. 611(6) inserted (27.7.1999) by Finance Act 1999 (c. 16), Sch. 10 para. 9(2)

F9 S. 611(6)(c) and preceding word added (28.7.2000) by Finance Act 2000 (c. 17), Sch. 13 para. 4(5) (with Sch. 13 Pt. 2)

Marginal Citations

M1 Source-1970(F) s.25

M2 Source-1971 Sch.3 5