Which of the following is NOT one of the VAT schemes?

The VAT schemes are designed to accommodate various types of businesses and their specific accounting needs. The standard scheme, cash accounting scheme, and flat rate scheme are all recognized VAT accounting methods.

The standard scheme functions as the default method for most businesses, requiring them to account for VAT on their sales and purchases based on the invoices issued and received. The cash accounting scheme allows businesses to account for VAT based on the cash flow—only recognizing VAT when money is paid or received. Meanwhile, the flat rate scheme simplifies tax reporting for small businesses by applying a fixed percentage to their turnover.

The pension fund scheme is not a recognized VAT scheme within the context of business VAT accounting. It does not serve as a method for businesses to calculate or report VAT, distinguishing it from the other options. Hence, it is correct to identify it as the one not fitting within the category of VAT schemes.