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Introduction

For many years, the UK has operated a system which encourages private pension provision through a system of tax reliefs.

The operation of the taxation system associated with pensions was radically reformed in FA 2004, Pt 4, which effectively disposed of a complex system that had developed since the last occasion of radical reform in 1970. This new basis was introduced with effect from 6 April 2006 through the provisions contained in FA 2004.

The rules of any registered pension scheme will specify who can join it. There are no HMRC restrictions on who is allowed to join a specific scheme, even non-UK residents may join a registered pension scheme if the scheme rules permit.

Contributions may be paid by the scheme member, a third party on behalf of the member, or a member’s employer or former employer. Where a third party pays a contribution, those contributions are treated as if they had been paid by the member, ie they count