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HMRC internal manual

Insurance Policyholder Taxation Manual

HM Revenue & Customs
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Exceptions: pension policies

Registered pension schemes

Since 6 April 2006 a policy is excluded from the chargeable event rules if it constitutes a registered pension scheme or is issued or held in connection with such a scheme. This means, for instance, that a policy held in connection with a non-UK scheme will also be excluded, provided the scheme is registered.

Position before 6 April 2006

For chargeable events up to 5 April 2006, after which the pension simplification legislation in Part 4 of FA04 took effect and the legislation referred to below was repealed, the exclusion applied to:

  • approved pension schemes (within the meaning of what was ICTA88/S612 (1))
  • personal pension schemes (within the meaning of what was ICTA88/S630 (1)) provided it remained approved at the time of the event, and
  • retirement annuity contracts (within the meaning of what was ICTA88/S621) provided it remained approved at the time of the event.


All approved occupational pension schemes, personal pension schemes and retirement annuity contracts existing on 5 April 2006 automatically became registered pension schemes on 6 April 2006 under paragraph 1 of Schedule 36 to FA 2004.

Further reference and feedback IPTM1013