NIM02715 - Earnings of employees and office holders: retirement benefits schemes from 6th April 2006 - registered pension schemes: definition

Regulation 1(2) of the Social Security (Contributions) Regulations 2001 (as inserted by regulation 3 of the Social Security (Contributions) (Amendment No. 2) Regulations 2006)

Section 150(2) Finance Act 2004

For NICs purposes, a registered pension scheme “RPS” has the same meaning as that for income tax purposes. Section 150(1)Finance Act 2004 defines “pension scheme” as meaning:

“a scheme or other arrangements, comprised in one or other instruments or agreements,having or capable of having effect so as to provide benefits to or in respect of persons:

  • on retirement
  • on death
  • on having reached a particular age
  • on the onset of serious ill-health or incapacity; or
  • in similar circumstances.”

Section 150(2) defines a RPS as being a pension scheme which, at any time, is registered with HMRC ( with IPD Technical - Pensions, Nottingham). The scheme will be registered either because:

  • the scheme administrator has applied for registration and HMRC has registered the scheme; or
  • it is a pension scheme which, unless it has opted-out, was an approved scheme on 5th April 2006.

For further information about:

  • registering with HMRC a pension scheme set up on or after 6th April 2006, see PTM030000 (contents)
  • the type of approved pension scheme which, unless it has opted-out, is automatically treated as a RPS from that date, see PTM031300.