Registered pension scheme
An occupational pension scheme ( www.practicallaw.com/8-107-6900) or personal pension scheme ( www.practicallaw.com/4-107-7001) that is registered with HM Revenue & Customs ( www.practicallaw.com/6-200-6399) under the Finance Act 2004. Approved schemes that already existed on 5 April 2006 were deemed to be registered pension schemes from the following day, when pensions tax simplification came into effect. A registered scheme must comply with statutory provisions relating to the amounts of contributions and benefits that can be paid without incurring a tax charge. Payments that are outside these restrictions are known as unauthorised payments ( www.practicallaw.com/5-207-2097) .