1.8.1 Scheme constitution

Rights and obligations under trust-based schemes are described in the scheme rules which will also include a description of tax rules and allowances. The trust is a shorter more technical document that describes the terms of the trust by reference to employer, trustees, members and beneficiaries.

Under contract-based schemes, the scheme rights and obligations are again described in the rules and the scheme is usually established under a deed poll (which enables it to avoid the onerous requirements of a trust, but also some of the requirements of a more conventional contract).

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