Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Personal pension definition

What does Personal pension mean? A personal pension is an individual, contract-based, defined contribution arrangement that a person sets up with an authorised provider to build a retirement pot. It functions like a money box for the individual: contributions (from the saver and, in some cases, an employer) are invested, and the benefits depend on the amount paid in and investment returns. In the UK, personal pension scheme is a statutory category, distinct from occupational schemes and generally registered for tax purposes under the Finance Act 2004. Common forms include stakeholder pensions and Self-Invested Personal Pensions (SIPPs). Providers and advice are regulated by the FCA; where...

UK pension schemes: trust-based governance, trustees' duties, member protections and the roles of DWP, The Pensions Regulator, FCA and HMRC: a guide for private client practitioners

Published by a LexisNexis Private Client expert

Practice notes

Across the UK, the majority of private sector pension arrangements—covering both occupational and personal plans—are created as trusts and, as such, fall within the scope of trust law.

Trustees appointed under the governing trust deed must operate in line with that deed, the scheme Rules, and any overriding legislation relevant to the scheme at all times.

Above all, trust law requires trustees to prioritise the best interests of scheme members, but always consistently within the confines of the scheme’s own governing provisions and any applicable general law, in every decision they make under the scheme.

Within the public sector, pension arrangements are predominantly set up by Parliamentary statute and are governed by their scheme rules and overriding legislation currently in force; however, some are constituted as trusts, bringing them under trust law and obliging compliance with the trust deed, the rules, with any overriding legal requirements too.

Pensions legislation

Overarching pensions legislation addresses the management and Administration of schemes, including Governance, investment and financial advice, the delivery of benefits, and related taxation matters overall as well...

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Web page updated on 22/05/2026

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