The following Pensions practice note provides comprehensive and up to date legal information covering:
Before 6 April 2015, members entitled to money purchase or defined contribution (DC) benefits had limited retirement options, namely:
getting a scheme pension
buying a lifetime annuity
The purchase of a lifetime annuity was the most common retirement option, especially as the other two options were only available:
if the member's scheme permitted them (a rare thing in practice), and
in the case of drawdown, if the member satisfied certain conditions
On 6 April 2015, pension flexibilities were introduced to widen the retirement options available to DC members and members with other 'flexible benefits' (eg members with cash balance benefits). Not only did drawdown become more widely available, but it is also possible for members with flexible benefits to take their pensions pot as one or more lump sums, known as 'uncrystallised pension fund lump sums'. For further information, see Practice Notes: DC pension flexibilities from 6 April 2015—what is involved? and Uncrystallised funds pension lump sums (UFPLSs).
This Practice Note considers annuities, their regulatory and legal regime, as well as the impact the pension flexibilities introduced on 6 April 2015.
An annuity is a type of insurance contract which, in return for the payment of capital, entitles the annuitant to a guaranteed income until death (although some annuities may be set for a fixed period of time instead).
An annuity is typically
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
The Public Private Partnership (PPP) models are a popular way for governments to involve private investment, expertise and risk in procuring infrastructure, with the potential to deliver a project more efficiently and economically. One of the most popular PPP models for procuring infrastructure
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
This Practice Note identifies the main torts (bar negligence and nuisance, which are covered elsewhere in our related content) and their key characteristics. Specifically:•trespass to land•trespass to the person•privacy/defamation•liability for animals•employers' liability•product
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.