Definitions for "Approved Scheme"
Keywords:  inland, fsavc, pension, revenue, scheme
A personal pension scheme or retirement benefits scheme that has been approved by the Inland Revenue.
A pension scheme which meets specified criteria and is approved by HM Revenue & Customs qualifies for special tax reliefs. Most pension schemes are approved schemes.
A retirement benefits scheme which is approved by the Inland Revenue under Chapter I, including an FSAVC scheme. The term may also be used to describe a personal pension scheme or occupational pension scheme approved under Chapter IV. See also exempt approved scheme.