Definitions for "Personal pension scheme"
A scheme run by a provider, such as a life assurance company, bank or building society, for individuals.
A scheme approved by the Inland Revenue under Chapter IV which is not an occupational pension scheme. A personal pension scheme can be registered with Opra as a stakeholder pension scheme if the necessary conditions are met.
This is a scheme run by a private company for one person. It can be for someone who is self-employed, or an employed person who is not in an occupational pension scheme . Somebody who is part of an occupational pension scheme that only pays death in service benefit (which means there is no pension paid) can also join a personal pension scheme.