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 regulation of establishing, operating and winding up stakeholder and personal pension schemes: FSMA/RAO scope, definitions, business test, operator roles and exclusions

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

This Practice Note sets out the regulated activities of setting up, running or winding up a stakeholder pension scheme or a personal pension scheme under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, art 52 (RAO), and includes links to other material explaining how funds are regulated.

The regulated activities are the establishment, operation or winding up of:

a stakeholder pension scheme; or
a personal pension scheme.

Coverage of stakeholder pension schemes formed part of the RAO from commencement. By contrast, the regulated activity in respect of personal pension schemes was not introduced until 6 April 2007, following implementation of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006, SI 2006/1969. That amending order inserted into the RAO the specified activity of establishing, operating or winding up a personal pension scheme, together with the specified investment of rights under a personal pension scheme...

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Web page updated on 22/05/2026

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