Added years definition

View the related practice notes about Added years

Types of pension arrangements for employees

Ways of accruing pension benefitsThere are a variety of possible pension arrangements for employees. The main options include:•occupational pension schemes•personal pension schemes•employer-financed retirement benefits schemes (EFRBS)•master trusts (including the National Employment Savings Trust (NEST) since October 2012)•the state pensionEmployees may be members of and contribute to more than one pension arrangement at the same time eg the employer's occupational pension scheme and the employee's own personal pension scheme.Occupational pension schemesFrom a legislative point of view, an occupational pension scheme:•is a scheme or other arrangements which provides benefits to or in respect of people:◦on retirement◦on having reached a particular age, or◦on termination of service in an employment•must have been established for the purpose of providing benefits to, or in respect of, people with service in employments of a particular description (and perhaps also for other people too)•must have been established by:◦an employer of people in employments of that description, or◦a person in an employment of that description, or◦a person representing interests which include those of such employers or persons in employmentThe...

The legacy Local Government Pension Scheme

The legacy Local Government Pension Scheme FORTHCOMING DEVELOPMENT 1: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. FORTHCOMING DEVELOPMENT...

View the related precedents about Added years

Policy—redundancy

Policy—redundancy 1 Introduction 1.1 The Company is committed to providing job security for its employees. The Company will seek to avoid compulsory redundancies wherever possible. However, it recognises that there may be circumstances when staffing requirements change and compulsory redundancies cannot be avoided. 1.2 Where compulsory redundancies are unavoidable, the Company will handle the redundancy exercise in a fair, consistent and sympathetic manner. 1.3 In following the redundancy procedure set out in this policy, the Company will not discriminate directly or indirectly on grounds of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, religion or belief, sex or sexual orientation. Part-time workers and fixed-term employees will not be treated less favourably than full-time or permanent comparators. 1.4 The aim of this policy is to set out the procedures that will be followed in cases of redundancy, ensuring compliance with employment law[ and relevant Acas guidance]. 1.5 This policy applies only to employees who are affected by a potential redundancy situation. It does not...

View the related News about Added years

PO determination on alternative settlement options where maladministration caused financial loss (Dr I PO-16486)

Pensions analysis: In the determination by the Pensions Ombudsman of Dr I (PO-16486), the Ombudsman upheld a complaint that a member of a pension scheme had been supplied with inaccurate information which had resulted in him suffering loss when he acted on the basis of the misinformation. Subject to the agreement of the parties, the Pensions Ombudsman directed that Dr I could either have an uplift to his pension or the offer of a lump sum final settlement. Wyn Derbyshire of gunnercooke LLP looks at the decision.