Understanding the nuances of ill-health and death benefits is crucial for legal professionals in the pensions sector. Providing a critical overview of ill-health benefits, this topic dives into the legal intricacies surrounding eligibility criteria, tax implications, and procedural obligations. Legal teams must adeptly navigate these areas to ensure clients receive the appropriate entitlements and protections.
The following Pensions news provides comprehensive and up to date legal information on TPT floats UK’s first multi-employer collective pension plan
Qualifying Recognised Overseas Pension Schemes (QROPS)Why use a QROPS?In practice, many Qualifying Recognised Overseas Pension Schemes (QROPSs) are...
Self-invested personal pensions (SIPPs)When personal pensions were first introduced in April 1988, they could only be established by authorised...
Retirement Annuity Contracts (RAC)—older types of personal pension schemesFORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase...
Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part...
Pension payable on death—who is a dependant, nominee or successor?Types of death benefits payableThere are two types of scheme benefits payable on a member’s death:•pension death benefits, and•lump sum death benefitsUntil 5 April 2015, under the pension death benefit rules of the Finance Act 2004
Relevant life and excepted group life policies—practical issuesFORTHCOMING DEVELOPMENT: Further to the Spring Budget of 15 March 2023, the Finance (No.2) Act 2023 removed the lifetime allowance charge with effect from 6 April 2023, pending the abolition of the lifetime allowance regime through the
Scotland—the process for applying for sequestrationSequestration in Scotland is the legal process by which an insolvent debtor’s estate is gathered in, realised and then distributed among their creditors by a trustee appointed for that purpose. The process requires that a formal award of
Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is
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