# Income Tax (Earnings and Pensions) Act 2003, Section 307: Death or retirement benefit provision

Extent: E+W+S+N.I.

(1) No liability to income tax arises by virtue of Chapter 10 of Part 3 (taxable benefits: residual liability to charge) in respect of provision made by an employee’s employer under a registered pension scheme or otherwise for a retirement or death benefit.
(1A) Subsection (1) does not apply to provision made for insuring against the risk that a retirement or death benefit under an employer-financed retirement benefits scheme cannot be paid or given because of the employer’s insolvency.
(1B) In subsection (1A) “employer-financed retirement benefits scheme” has the same meaning as in Chapter 2 of Part 6 (see section 393A).
(2) In this section “retirement or death benefit” means a pension, annuity, lump sum, gratuity or other similar benefit which will be paid or given to the employee , or paid or given in respect of the employee to any other individual or to a charity, in the event of the employee’s retirement or death.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/section/307 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-307
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.