The following Pensions Q&A provides comprehensive and up to date legal information covering:
This Q&A covers the situation where there have not been any individual transfers by the relevant member of their benefits from the original defined contribution (DC) occupational pension scheme to another scheme to utilise flexi-access drawdown.
Since A day (6 April 2006), the scheme administrators may still pay lump sum benefits where those benefits exceed 25% of the total value of the member’s uncrystallised pension rights in the scheme. The lump sum paid in these circumstances is often referred to as a scheme-specific lump sum, and the protection which applies as scheme-specific lump sum protection.
However, in order for scheme-specific lump sum protection to apply, certain conditions must be satisfied:
the scheme-specific lump sum must be paid from either the registered pension scheme in which the rights to a scheme-specific lump sum were held on 5 April 2006 (the original scheme), or the registered pension scheme to which the rights to a scheme-specific lump sum were transferred since 6 April 2006 as a block transfer of pension benefits. Where there is a block transfer, the legislation treats the pension scheme receiving the block transfer as if it were the original protected pension scheme—see The Pension Schemes (Block Transfers) (Permitted Membership Period) Regulations 2006, SI 2006/498. However, also note that:
**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
This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
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
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.