This Practice Note focuses on the abolition of DB contracting-out from 6 April 2016. The only other form of contracting-out that ever existed, contracting-out on a money...
On 6 April 2016, contracting-out on a salary-related basis (also known as DB contracting-out) ceased to exist. Schemes that were contracted-out salary-related (COSR)...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES IMMEDIATELY BEFORE 6 APRIL 2016. Nature of employers' statutory...
Contracting-out on a money purchase basis before 6 April 2012 Contracting-out was the mechanism whereby an individual (whether employed or self-employed) could elect to...
FORTHCOMING DEVELOPMENT: On 30 July 2019 the Financial Conduct Authority (FCA) published a Consultation Paper CP19/25: Pension transfer advice: contingent charging and...
Before 6 April 2015, members entitled to money purchase or defined contribution (DC) benefits had limited retirement options, namely: • getting a scheme pension •...
The concept It used to be the case that contracted-out salary-related (COSR) schemes could revalue a deferred member's guaranteed minimum pension (GMP) without increasing...
STOP-PRESS: Measures to introduce a system of automatic transfers (also known as ‘pot follows member’), whereby a pension pot would follow the member into their new...
As a general rule, members of registered pension schemes can only start receiving their pension benefits from such schemes from age 55 (prior to 6 April 2010, from age...
Bridging pensions—background Bridging pensions are a form of pension provided by some (but not all) defined benefit occupational pension schemes in circumstances where a...
Produced in partnership with Tim Smith of Herbert Smith Freehills LLP This Deed of Merger is made on the [insert day] day of [insert date] 2019 Parties 1 [TRUSTEE OF...
Introduction This Practice Note considers bulk transfers between occupational pension schemes. A bulk transfer is the transfer of a group of members from one scheme (the...
This Practice Note focuses on the considerations that were applicable before 6 April 2016, the date on which contracting-out on a salary-related basis (also known as DB...
This Practice Note focuses on the considerations applicable on and from 6 April 2016, the date on which contracting-out on a salary-related basis (also known as DB...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a salary-related basis (also...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a salary-related basis (also...
What does 'contracting-out' mean? Before 6 April 2016, there were two levels of State pension provision: • the basic State pension—this was a flat rate broadly based on...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a salary-related basis...
What is an insistent client? The term ‘insistent client’ is commonly used to describe an individual who has received advice (ie a personal recommendation) and chooses to...
THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMES Most pension schemes provide for benefits upon the death of the members. What...
FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...
Where a member of a registered pension scheme dies while in drawdown (whether in the form of income withdrawal or a short-term annuity), there may be funds remaining in...
THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS WHICH COMMENCED BEFORE 6 APRIL 2011 This Practice Note looks at the legal regime applicable to drawdown arrangements under...
THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS COMMENCING BETWEEN 6 APRIL 2011 AND 5 APRIL 2015 (INCLUSIVE) This Practice Note looks at the legal regime applicable to...
THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS FROM 6 APRIL 2015 On 6 April 2015, pension flexibilities were introduced to widen the retirement...
THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES In this Practice Note, references to the trustees of a scheme include a manager of that scheme....
