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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