Clause 140 - Meaning of ''pension scheme''

Part of Finance Bill – in a Public Bill Committee at 10:00 am on 8 June 2004.

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Photo of Ruth Kelly Ruth Kelly Financial Secretary, HM Treasury 10:00, 8 June 2004

There is a distinction. However, there are different purposes behind the definitions of each Department. A group personal pension may be established by a financial institution, and so, for DWP purposes, may be a personal pension scheme, but that scheme is for the benefit of employees of a sponsoring employer. Therefore, it falls in the tax definition of an occupational pension scheme. They are used for different purposes and have slightly different definitions.