Part 9Pension income

Chapter 6Approved retirement benefits schemes

Interpretation etc.

586Meaning of “retirement benefits scheme” etc.

1

In this Chapter—

  • “retirement benefits scheme” has the meaning given in section 611 of ICTA;

  • “approved”, in relation to such a scheme, means that the scheme is approved by the Board of Inland Revenue for the purposes of—

    1. a

      Chapter 2 of Part 2 of FA 1970, or

    2. b

      Chapter 1 of Part 14 of ICTA.

2

Any reference in this Chapter to a pension or annuity paid under a retirement benefits scheme includes a reference to a pension or annuity paid under a contract which—

a

is made for purposes of the scheme, and

b

is made between—

i

the administrator of the scheme,

ii

the employer, or

iii

the employee or an ex-spouse of the employee,

and a third party.

3

In subsection (2) the reference to the employer is a reference to the person who is the employer in relation to the scheme.

4

In subsection (2)(b)(i) “administrator of the scheme” is to be construed in accordance with section 611AA of ICTA.

5

References in this Chapter to approved retirement benefits schemes are extended by section 587 (marine pilots' benefit fund).