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Section 615 scheme
Practical Law UK Glossary 3-207-0952 (Approx. 3 pages)
Glossary
Section 615 scheme
Referring to section 615(6) of the Income and Corporation Taxes Act 1988, an occupational pension scheme that:
- Is established under trust by an employer that operates wholly or partly outside the UK.
- Provides retirement benefits for employees that work wholly outside the UK.
A section 615 scheme is exempt from many, but not all, of the regulatory provisions that apply to pension schemes in the UK. For tax purposes, it counts as neither a registered pension scheme nor an employer-financed retirement benefits scheme.