The following Pensions practice note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE RELATES TO REGISTERED OCCUPATIONAL PENSIONS SCHEMES
An important aspect of registered occupational pension schemes is their ability to provide ill-health (sometimes referred to as 'incapacity') benefits. Such benefits are particularly important in circumstances where members are obliged to retire from employment prior to their normal pension date (NPD) due to serious illness.
For more information, see Ill-health early retirement—decision-making and exercise of discretion.
Ill-health early retirement benefits are calculated in accordance with the scheme rules. Those provided by defined benefit occupational pension schemes are frequently (but not invariably) more generous than 'normal' early retirement benefits.
For example, ill-health early retirement pensions provided by defined benefit occupational pension schemes are often paid without actuarial reduction factors being applied to compensate for the fact that such pensions are being paid prior to NPD (and therefore for a longer period than usual). Also, in some cases, prospective pensionable service (from the date of leaving actual pensionable service due to ill-health to NPD) is included when calculating the ill-health pension. This however generally means that ill-health early retirement pensions are more expensive to provide than 'normal' early retirement pensions.
Prior to A-Day (6 April 2006), in order to successfully claim ill-health benefits from a tax exempt approved occupational pension scheme, a prospective recipient had to suffer from 'incapacity', as defined in HM Revenue &
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