Expression of wish definition

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Discretionary decisions—what must pension trustees do?

THIS PRACTICE NOTE APPLIES TO TRUSTEES OF ALL PENSION SCHEMESA power is a legal authority conferred on a person to deal with, and dispose of, property which is not their own.Most trust-based occupational pension schemes confer powers on their trustees. Statute also confers powers on trustees.A power will give the trustees a choice or discretion. In relation to trusts, powers are generally either administrative or dispositive. Dispositive powers that are commonly found in pension schemes concern the provisions relating to early retirement, ill-health early retirement, death-in-service benefits, increase in benefits (including annual increases to pensions in payment and revaluations of deferred pensions), accepting transfers into the scheme and a surplus on winding-up. Schemes also usually include powers of amendment relating to the trust deed and rules.Sometime the powers are vested unilaterally in the trustee. Other powers are held jointly with the employer, or subject to the employer’s consent. There are also express and statutory limitations and restrictions on the exercise of powers, and schemes often prescribe the manner in which certain powers may be exercised.Discretionary decisions can be controversial, as there is often a tension between member’s expectations on the one hand, and the fiscal strain they may cause the principal employer on the other. It is not a surprise therefore that they are sometimes the subject of challenges

Death benefits—final salary schemes

THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMESMost pension schemes provide for benefits upon the death of the members. What those benefits will be depends on:•the type and terms of the scheme•the member’s status at death (ie active, deferred, pensioner), and•what death benefits HMRC permits as an authorised paymentThe scheme rules need to be checked carefully as flexible retirement (which allows members to receive benefits while remaining in active service) has introduced a myriad of benefit provisions into some schemes, with boundaries becoming blurred between the different types of member. For further information, see Practice Note: Flexible retirement.HMRC’s Pensions Tax Manual provides further guidance on the types of death benefit that may be paid from final salary schemes as an authorised payment. Unauthorised payments are subject to a punitive tax charge. For further information, see Practice Note: Authorised and unauthorised payments.Death as an active memberPensionIt is common for the rules of a final salary scheme to provide for a pension to be payable in the event of a member’s death in service to their spouse and/or dependant. This would often be expressed under the rules as a percentage of the pension that would have been payable to the member (if they had retired at date of death) and can be

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Is it possible for two partners of a firm to retire their role as trustees of a trust on behalf of the entire firm and bind all the other partners to this in order to save each and every partner having to sign? Could a similar process be undertaken as when partners renounce to the firm's role as executors on behalf of all of the partners in the firm?

Is it possible for two partners of a firm to retire their role as trustees of a trust on behalf of the entire firm and bind all the other partners to this in order to save each and every partner having to sign? Could a similar process be undertaken as when partners renounce to the firm's role as executors on behalf of all of the partners in the firm? The answer to this question will depend on the precise terms of the Will. There are numerous possible clauses for the appointment of partners in a law firm (a partnership) as executors and trustees of a Will. By way of example only, we set out below two possible clauses for the appointment of the executors of the Will and the trustees of any trust created by it, with a brief description of the effect of each. Sample clause 1 ‘I appoint the partners at the date of my death in the firm of [name of firm] or the firm or incorporated practice which at that date has succeeded to and carries on its practice to be the executors of this Will and I express the wish that two and only two such partners shall act as such executors and I direct that those who first prove this Will shall be the trustees of my estate.’ In this case, the two partners (or more of

View the related News about Expression of wish

Most UK adults skip pension will, insurer says

Law360, London: Almost three-quarters of adults in the UK have not nominated anyone to be paid their pensions once they die, according to a survey commissioned by Canada Life published on 20 April 2022.

Pensions weekly highlights—23 September 2021

Welcome to the Pensions weekly highlights from the Pensions team. This week's edition of Pensions highlights includes a review of key news stories, as well as dates for your diary and trackers.