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.
Personal pension schemes are provided by insurance companies. Any individual who is not a member of an occupational pension scheme (and some who are) can take out a personal pension scheme. In some cases employers who have not established an occupational pension scheme will also contribute to a personal pension scheme on behalf of their employees.
A pension arrangement for an individual paid for by premiums paid to an insurance company or other financial institution.
A Personal pension scheme is a UK tax-privileged individual savings plan, designed to build a capital sum exclusively to provide retirement benefits.