The following Private Client guidance note Produced in partnership with John Hayward, Pensions author provides comprehensive and up to date legal information covering:
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.
The benefits in respect of service accrued up to a certain date calculated in light of current earnings or projected future earnings.
'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.
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.
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