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GLOSSARY

Hybrid scheme definition

Published by a LexisNexis Pensions expert

What does Hybrid scheme mean?

An occupational pension scheme which incorporates both defined benefit and defined contribution elements of benefit provision.

The scheme either has both defined benefit and defined contribution sections, or the pension benefits can be worked out in two ways, with the higher benefits being used.

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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...

Notifiable events—scheme and employer-related events

FORTHCOMING DEVELOPMENT: On 8 September 2021 the Department for Work and Pensions (DWP) published a consultation on draft regulations which (i) make proposed changes to the notifiable events under the primary notifiable events regime (under section 69 of the Pensions Act 2004 (PA 2004)), and (ii) detail the type of events that will be subject to the secondary notifiable events regime (under PA 2004, 69A).More specifically, in respect of the primary notifiable events regime, the draft regulations propose two additional notifiable events: (i) the intended sale by the employer of a material proportion of its business or assets, in respect of which a decision in principle has been reached; and (ii) the intended granting or extending of a relevant security by the employer over its assets (a decision in principle by the employer to grant or extend a relevant security over its assets, such that, should the employer become insolvent, the secured creditor would be ranked above the scheme in the order of priority for debt recovery). The draft regulations...

Discover our 2 Practice Notes on Hybrid scheme

Pensions weekly highlights—17 April 2025

This week's edition of Pensions weekly highlights includes a review of key news stories, some new content as well as dates for your diary and trackers.

Latest FCA Regulatory Initiatives Grid includes four new entries for pensions

The Financial Conduct Authority (FCA) has published the eighth edition of its Regulatory Initiatives Grid (April 2025) setting out the planned regulatory initiatives for the next 24 months so that the financial services industry and other stakeholders can understand and plan for the timing of the initiatives that may have a significant operational impact on them.

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