Members and benefits

Featured guidance
Members and benefits guidance:

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...

Practice Note

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)...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES IMMEDIATELY BEFORE 6 APRIL 2016. Nature of employers' statutory...

Practice Note

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...

Practice Note

FORTHCOMING DEVELOPMENT: On 30 July 2019 the Financial Conduct Authority (FCA) published a Consultation Paper CP19/25: Pension transfer advice: contingent charging and...

Practice Note

Before 6 April 2015, members entitled to money purchase or defined contribution (DC) benefits had limited retirement options, namely: • getting a scheme pension •...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Precedents

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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....

Practice Note