Second state pension (S2P) definition

View the related practice notes about Second state pension (S2P)

Types of pension schemes—beginners’ guide

Types of pension schemes—beginners’ guide This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. A pension scheme is essentially a form of savings vehicle or arrangement designed to provide benefits from the occurrence of a triggering event such as retirement or the death of a spouse or other person upon which the beneficiary was financially dependent. Pension schemes can take various forms and can be found in both the public and private sectors, as well as provided by the State in the form of the state pension. This guide looks at the following examples of the various types of pension schemes: • the state pension • private sector pensions • workplace pensions • occupational pension schemes • hybrid schemes • cash balance schemes • employer financed retirement benefit schemes (EFRBS) • personal pension schemes • self-employed pensions • public sector pension schemes • collective money purchase schemes (also known as collective defined contribution (CDC) schemes) For...

Pensions—the state pension

Pensions—the state pension This Practice Note sets out the different types of state pension, the qualifying criteria, implications within divorce/dissolution, nullity or separation proceedings, obtaining information and disclosure, and orders that may be made by the court in family proceedings. It reflects the reform of state pensions and provides guidance on the consequences in a family law context. This Practice Note provides guidance on: • the old state pension scheme for those reaching state pension age prior to 6 April 2016, and • the new state pension scheme for those reaching state pension age on or after 6 April 2016 The state pension may be overlooked on divorce, dissolution, nullity or (judicial) separation, because it may be perceived as worth little or because its structure and/or the possibilities available to meet the parties’ financial needs are not understood. Full information regarding state pension rights should be obtained during the financial disclosure process using Form BR19 (application for a state pension forecast) and Form BR20 (which will provide a cash...