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Introduction

For many years, the UK has operated a system which encourages private pension provision through a system of tax reliefs.

The operation of the taxation system associated with pensions was radically reformed in Finance Act 2004 which effectively disposed of a complex system that had developed since the last occasion of radical reform in 1970. This new basis was introduced with effect from 6 April 2006 as a consequence of the provisions contained in Finance Act 2004.

The registered pension scheme rules will specify who can join it. There are no HMRC restrictions on who is allowed to join a specific scheme and even non-UK residents may join