State pension forecast definition

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Pensions—glossary for Private Client practitioners

Pensions—glossary for Private Client practitioners Accrual rate The rate at which pension benefit increases as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits in respect of service accrued up to a certain date calculated in light of current earnings or projected future earnings. A-day 'A-day' is the commonly used name regarding wide-ranging pension 'simplification' tax changes that took effect from 6 April 2006. The changes followed a policy announced in 2004 by the government to rationalise the British tax system as applied to pension schemes. The aim of the changes was to reduce the range of legislation built-up by successive administrations, simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions. Key changes related to: the amount of pension contributions permitted, the range of schemes an individual could invest in, the amount an individual could take out (and when) and what an individual could do with the remainder of the fund. A-Day introduced both the annual and lifetime allowance rules, see: Pensions—glossary—Annual allowance and Pensions—glossary—Lifetime allowance. Added years The provision of additional pension by adding on additional years of pensionable service in a salary-related scheme. Additional years are added by transfer payments or additional voluntary contributions/augmentation. Additional state pension (ASP) Also known as the state second pension (S2P) under the old state pension scheme (prior to

Pensions—glossary

Pensions—glossary A-day 'A-day' is the commonly used name regarding wide-ranging pension 'simplification' tax changes that took effect from 6 April 2006. The changes followed a policy announced in 2004 by the government to rationalise the British tax system as applied to pension schemes. The aim of the changes was to reduce the range of legislation built-up by successive administrations, simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions. Key changes related to: the amount of pension contributions permitted, the range of schemes an individual could invest in, the amount an individual could take out (and when) and what an individual could do with the remainder of the fund. A-day introduced both the annual and lifetime allowance rules, see: Annual allowance and Lifetime allowance. Additional state pension (ASP) Originally known as SERPS and later as the second state pension (S2P) under the old state pension scheme (prior to 6 April 2016). ASP is an earnings related element of the old state pension scheme. This is no longer provided under the new state pension scheme in force since 6 April 2016, see Practice Note: Pensions—the state pension. Additional voluntary contributions (AVCs) Contributions a scheme member elects to make over and above their normal contributions to secure extra benefits. Annual allowance The maximum amount of pension savings that benefit from tax relief each tax year. This applies to pension

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Pensions weekly highlights—26 October 2017

Welcome to the Pensions weekly highlights from the Lexis®PSL Pensions team for the week ending 25 October 2017. This week’s edition of Pensions highlights includes a review of key news stories and cases, as well as dates for your diary.