GLOSSARY

Forfeiture definition

What does Forfeiture mean?

The act of bringing a lease to an end following a breach of covenant, where an express right to forfeit is reserved in the lease for the particular breach complained of, or where there is a breach by the tenant of an express or implied condition.

Corporate Crime

Forfeiture is the lost right to possession.
There are many statutory powers of forfeiture. For example, under s 298 of the Proceeds of Crime Act 2002 a court may order the forfeiture of cash if it is satisfied that the cash is recoverable property (as that term is defined) or it is intended by any person for use in unlawful conduct.

Pensions

Term describing termination or suspension of all or part of the benefits payable under a scheme. Forfeiture can take place in limited circumstances set out in sections 91–94 of the Pensions Act 1995.
Most occupational pension schemes, and an increasing number of personal pension plans, include forfeiture clauses, also known as spendthrift clauses or protective trusts. If a member becomes bankrupt, his rights are forfeited and the money goes to the trustees who look after it until he is discharged from bankruptcy – when the trustees can give it back. Forfeiture clauses should be distinguished from set-off or lien clauses (which are sometimes called forfeiture clauses) where a member loses pension rights if he does something against the interests of the employer.

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