The IR must approve an occupational pension scheme that meets the requirements of ICTA 1988, s.590(3). The benefit under such schemes (approved schemes) must be a pension on retirement at a specified age between 60 and 75 not exceeding onesixtieth of final remuneration for each year of service up to a maximum of 40. Cash commutation must not exceed three-eightieths of final remuneration for each year of service. A widow(er)’s pension in death after retirement must not exceed two-thirds of the employee’s pension. These and other restrictions result in most schemes preferring exempt approved scheme status.