EIM15020 - Employer-financed retirement benefits schemes: general definitions
Section 393A ITEPA 2003 (as amended by section 249(3) FA 2004)
[Notice: the guidance on this page should be read with the notice at the top of EIM15015.]
Employers frequently make financial provision for the retirement or death of their employees by setting up a pension scheme or fund or similar arrangement. The employer may make contributions in advance in order to fund the benefits (a funded scheme) or simply pay benefits on retirement or death (an unfunded scheme). All such arrangements are retirement benefits schemes (see definition below).
A receipt after 5 April 2006 is chargeable under this legislation only if it is provided under an employer-financed retirement benefits scheme. So when dealing with such a receipt do not try to apply the guidance that deals with non-approved schemes.
A non-approved retirement benefits scheme will have automatically become an employer-financed retirement benefits scheme at 6 April 2006 so long as it met the definition of an employer-financed retirement benefits scheme set out in section 393A ITEPA 2003.
An employer-financed retirement benefits scheme is defined as a scheme that consists of or includes relevant benefits (section 393A(1) ITEPA 2003). 바카라 사이트淩elevant benefits바카라 사이트� are defined by section 393B ITEPA 2003. See EIM15021 for more information.
바카라 사이트楽cheme바카라 사이트� is defined as including a 바카라 사이트榙eed, agreement, series of agreements or other arrangements바카라 사이트� (section 393A(4) ITEPA 2003). It does not have to be a formal document and schemes do not have to adopt any particular form. See EIM15048 for more information.
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)