The following provisions1 apply where the scheme manager2 has determined that an initial payment3 may be made under the FAS regulations to or in respect of a qualifying member4 of a qualifying pension scheme5, and they so apply whether the determination: (1) has been made; or (2) relates to a period beginning, before or after the passing of the Pensions Act 20076. Subject to any relevant restriction7, the amount of any such initial payment payable to the member is to be: (a) the amount of the member's expected pension multiplied by nine-tenths; less (b) the amount of the member's
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Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
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