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Moneyextra.com Dictionary

Approved Pension Schemes

Approved pension schemes - that is approved by HM Revenue & Customs - apply to most occupational and personal pension schemes. Approved pension schemes enjoy favourable tax treatment including tax relief on pension contributions at your marginal or highest rate of tax.

Upon retirement you are allowed to take part of the benefits as a tax-free lump sum. Approved pension schemes may also be contracted out of the State Second Pension in return for a reduction in or rebate of National Insurance contributions.

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2009-02-17 00:00:00 © Moneyextra.com