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Income Tax (Earnings and Pensions) Act 2003

Section 586: Meaning of “retirement benefits scheme” etc.

2350.This section invokes various definitions in ICTA.

2351.It derives from the interpretations in Chapter 1 of Part 14 of ICTA.

2352.Subsection (1) defines “retirement benefits scheme” and “approved”.

2353.“Retirement benefits scheme” is defined in section 611 of ICTA as follows:

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 -

(a)

any national scheme providing such benefits; or

(b)

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

2354.The definition of “approved” includes a reference to Chapter 2 of Part 2 of FA 1970. This is the legislation that introduced the new code for approved retirement benefits schemes. That code is now in Chapter 1 of Part 14 of ICTA.

2355.Subsection (2) deals with third party arrangements. It derives from section 612(2) of ICTA. It makes it clear that a pension or annuity paid through a third party is covered by section 580.

2356.Subsection (3) clarifies the meaning of “employer”. It derives from section 612(2A) of ICTA.

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