Occupational pension scheme granted exempt approval by the Inland Revenue to allow benefits up to the maximum levels as set out in the Inland Revenue practice notes (IR12). The privileges arise from ICTA 1988, s.592, and give greater flexibility than schemes approved under s.590. To qualify as exempt approved schemes they must: be established under an irrevocable trust; have a UK resident administrator; involve contributions from the employer to the scheme; and comply with the Practice Notes (IR12). Compare with Approved Scheme.