The new guidance classifies occupational pension schemes as "low risk trusts". It clearly excludes paid trustees (and paid directors of trustee companies) of occupational schemes from any duty to register under the regulations and from various onerous ongoing monitoring requirements.
Commenting on the announcement, Mayer Brown pensions partner Philippa James said: "This is good news for trustees of occupational schemes and common sense has prevailed. HMRC's original guidance left many trustees confused as to what the requirements on them were. The revised guidance provides the clarity we have been calling for. Trustees and trustee directors can now get on with the day to day business of running their schemes."
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