Income Tax (Earnings and Pensions) Act 2003 section 587

Application to marine pilots' benefit fund

Section 587 ensures that the occupational pension scheme rules in Chapter 6 apply to marine pilots' benefit funds, allowing self-employed marine pilots to participate in such schemes.

• Marine pilots' benefit funds are treated as occupational pension schemes under Chapter 6
• This provision allows self-employed marine pilots to belong to an occupational pension scheme, which would normally be restricted to employees
• As a consequence of this treatment, any unauthorised payments from such funds are taxed as pension income
• The section derives from the earlier provisions in section 607 of the Income and Corporation Taxes Act 1988