The Scheme is classed as an occupational scheme. Employees of the Sponsoring Employer may be eligible to join the scheme subject to the invitation by the Sponsoring Employer.

Maximum of 11 members.

The Scheme is classed as a personal pension scheme and can be paid into irrespective of a change of occupation.

Established by a person or company with permission under the FSMA 2000.

Membership for UK residents including minors or individuals in receipt of UK earnings.

Scheme is established under Discretionary Trust by the Employer and is registered with HMRC by the Scheme Administrator.

Members are invited to join the Scheme by the Employer and are appointed co-trustee of the Scheme with existing members.

It is not possible to have new entrants is the sponsoring employer is wound up.

Scheme would have previously been registered with HMRC by the Scheme Administrator.

Membership is by way of application and normally supplemental deed where the member is appointed co-trustee with the professional trustee for their plan only.

The Data Protection Act 1998 requires trustees to register with the ICO irrespective of whether all the members are related.

There is no requirement for the member trustee to register with the ICO.

Assets are not earmarked to a particular member but held on common trust.

The assets under the plan are solely for the benefit of the individual member and their beneficiaries.

Employer of the Scheme and any associated companies can contribute as well as the employees.

Employer contributions are not restricted. Employee contributions are restricted to UK relevant earnings.

Overall contributions during a specified time cannot exceed annual allowance without tax being levied on the employee.

Employer contributions do not need to be allocated to a specific member at the time of making the contribution.

Employer of the Scheme and any associated companies can contribute as well as the employees.

Employer contributions are not restricted. Employee contributions are restricted to UK relevant earnings.

Overall contributions during a specified time cannot exceed annual allowance without tax being levied on the employee.

Contributions are allocated on payment to the member.

Money purchase – there is no guarantee of the level of pension that will be paid at retirement

Money purchase – there is no guarantee of the level of pension that will be paid at retirement

The Scheme can invest in the sponsoring employer including loans and unquoted shares. Unquoted shares in the sponsoring employer are restricted to 5% of the fund value. Loans cannot exceed 50% of the fund value.

Cash, equities, investment bonds, Open Ended Investment Companies (OEICs) and commercial property are also permitted investments.

The Scheme cannot make loans to connected individuals or companies.

Unquoted shares in connected companies are permitted and not restricted on the value of fund, but cannot give the member a controlling interest in the company.

Cash, equities, investment bonds, Open Ended Investment Companies (OEICs) and commercial property are also permitted investments.

Fund at retirement cannot exceed the lifetime limit unless there is transitional protection.

25% of the fund value may be paid as a tax free lump sum, but may be higher if Scheme Protection is applicable.

Fund at retirement cannot exceed the lifetime limit unless there is transitional protection.

25% of the fund value may be paid as a tax free lump sum, but may be higher if a transfer from an occupation scheme has been received and Scheme Protection is not lost.

Retirement income can be drawn from age 55 (or 50 before 2010) and the member does not need to leave employment.

The pension can be secured (purchase an annuity), unsecured up to age 75 or alternatively unsecured after age 75.

Retirement income can be drawn from age 55 (or 50 before 2010) and the member does not need to leave employment.

The pension can be secured (purchase an annuity), unsecured up to age 75 or alternatively unsecured after age 75.

Full benefit entitlement can be taken all at once or in part up to age 75.

Uncrystallised Funds: Fund up to the lifetime limit can be paid as a tax free lump sum or used to provide a dependents pension

Crystallised Funds and under 75: Funds can be used to provide a dependent’s pension or paid as a lump sum less 35% tax

Crystallised Funds and over 75: Funds can be used to provide a dependent’s pension or paid as a lump sum to a charity free of tax or to your estate subject to tax

Uncrystallised Funds: Fund up to the lifetime limit can be paid as a tax free lump sum or used to provide a dependents pension

Crystallised Funds and under 75: Funds can be used to provide a dependent’s pension or paid as a lump sum less 35% tax

Crystallised Funds and over 75: Funds can be used to provide a dependent’s pension or paid as a lump sum to a charity free of tax or to your estate subject to tax

A charge may be levied by the corporate trustee as well as the Scheme Administrator.

Additional charges are normally levied for certain transactions and administration such as scheme accounts.

A charge is levied by the Scheme Administrator.

Additional charges are normally levied for certain transactions.