Definitions

Definitions

The definitions and interpretation clause should include all of the individual defined terms that are included in an agreement and all of the provisions that are to apply to the general interpretation of an agreement and, if necessary, of certain phrases used with it. The defined terms and the interpretation provisions will normally be set out in two separate sub-clauses. The definitions and interpretation clause will usually be found at the beginning of an agreement and the terms will be set out in alphabetical order for ease of reference.

The purpose of defining terms is to avoid:

•
repetition within the main body of an agreement,

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Pensions News

Government urged to act on critical pension transfer delays

Law360: The government must step in to mandate faster retirement saving transfers, a pensions provider warned on 28 April 2025, saying that in some cases customers have been left waiting three years for the process to complete.

TPR’s Annual Funding Statement issues covenant warning amid tariff wars

Law360: The Pensions Regulator (TPR) warned defined benefit (DB) pension schemes on 29 April 2025 to be mindful of the impact of global trade tariffs as it said it had found that more than half of DB schemes have a funding surplus. TPR said that geopolitical volatility is expected to continue, and this may have an impact on scheme funding.

TPR publishes first Annual Funding Statement under new DB funding code

The Pensions Regulator (TPR) has published its Annual Funding Statement, the first under the new defined benefit (DB) funding code implemented in November 2024. The statement reveals 54% of schemes are in surplus on a buyout basis, with higher percentages for other measures. TPR expects 80% of schemes to meet Fast Track requirements, while introducing a new digital valuation submission service. The guidance applies to schemes with valuation dates between 22 September 2024 and 21 September 2025, with additional endgame planning guidance forthcoming.

Government floats fix for spiraling number of small pension pots

Law360: The government unveiled final plans on 24 April 2025 to tackle the growing number of small forgotten pension pots, in a move that could boost savings for workers and save the retirement industry hundreds of million of pounds.